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06 March 2020 | Story Valentino Ndaba | Photo Stephen Collett
Lesetja Kganyago, Governor of the South African Reserve Bank
Reserve Bank Governor, Lesetja Kganyago, presented a public lecture at the UFS on 4 March 2020.

With a 7% fiscal deficit on the Gross Domestic Product (GDP) projected by the National Treasury for the 2020/21 financial year, it would not take long to arrive at a dangerous level of debt at the rate that South Africa is borrowing. Although the South African Reserve Bank Governor, Lesetja Kganyago, does not consider a debt to GDP rate of 60% a disaster, he did express his concern regarding the country’s fiscal deficits being over 6% of the GDP.

Governor Kganyago presented a public lecture at the University of the Free State (UFS) on 4 March 2020, focusing on how we should use macro-economic policy and its role in our economic growth problem.

Unsustainable policies 
South Africa’s fiscal situation is not about tight monetary policy. According to the Governor: “Weak growth is endogenous in our fiscal problems. We cannot keep doing what we are doing and hope that growth will recover and save us. Growth is low, in large part, because of unsustainable policy.”

Avoiding an impending crisis
To address the problem, as a policymaker with more than 20 years’ experience, the Governor suggested that the recommendations made by Minister Tito Mboweni be taken into consideration. “The Minister of Finance, Tito Mboweni, is a man who says things that are true even when they are unpopular. His message is that we have to reduce spending and he is right to put this at the centre of our macro-economic debate,” said Governor Kganyago.

The state needs a radical economic turnaround strategy which is able to diminish the risk of losing market access and being forced to ask the International Monetary Fund for help. Governor Kganyago is positive that such a reformative tactic would go beyond monetary policy and ensure that the interest bill ceases to claim more of South Africa’s scarce resources. 

News Archive

UFS Drama Department production exempted at ABSA KKNK
2006-04-19

 Lecturers and students of the Department Drama & Theatre Arts have taken five productions to the ABSA KKNK 2005. The productions were well received by audiences.

 

The daily newspaper, Die Burger, exempted the classic Molière drama, Ipekonders, which was translated and directed by Nico Luwes. According to the newspaper Gerben Kamper as the hipochonder Argon receives full marks for his performance. “Dis heerlik om te sien en ontdek dat goeie humor ná drie eeue steeds snaaks bly. En dat ’n toeganklike klug ook skerp sosiale kommentaar kan lewer...Volpunte vir Gerben Kamper (as die hipochonder Argon) en sy medespelers. Ons leef vandag nie in ’n minder hipochondriese kultuur nie, en die ‘dr.-God-sindroom’ is nog met ons. Gaan van ons diagnoses en behandelings straks eendag net so lagwekkend wees soos destyds se purgasies, klismas en bloedlatings?”

 

Michelle Luwes’s Daars Vis Innie Punch was well received by audiences. The festival paper, Krit, reported that she tried her best to adapt the book by Jacky Nagtegaal  to a cabaret.

 

The three children’s productions, Hansie en Grietjie, Rooikappie en die Wolf and Cleopatra in Egypt were popular amongst young audiences.

 

 

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