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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

The 70th Intervarsity between the UFS and North-West University approaches
2013-07-10

 

Intervarsity programme (pdf)

In what promises to be a spectacular event, the University of the Free State (UFS) will host the 70th Intervarsity between the UFS and North-West University (NWU) from 9–10 August 2013.

Students, staff and spectators from all three NWU campuses – Potchefstroom, Mafikeng and Vanderbijlpark – will flock to Bloemfontein to participate in one of the country’s oldest sport contests between universities. The rivalry between the two universities is one of the most reckoned events on the local and national sports and student calendars, and it is widely supported.

Rugby, soccer, hockey, netball, volleyball and basketball will satisfy sports fans’ appetite during the weekend. For a more cultural dose, choral singing and debating competitions, as well as dialogue between student leaders will take place. All campuses of the two universities will participate in the programmes.

Rudi Buys, Dean: Student Affairs at the UFS, said the celebration of the 70th Intervarsity between the two institutions will be an important milestone to commemorate decades of friendship, collaboration and healthy competition.

“At Intervarsity 2013 not only do we celebrate a 70-year-legacy of friendship, but also see the potential of another 70 years of shared growth in a new country. We're especially excited with new events that focus on students debating societal issues and celebrating the vibrant diversity of artistic and cultural genres of our society. These events will be remembered for long."

As a run-up to Intervarsity, the university will also host the second annual Intravarsity between the Bloemfontein and Qwaqwa Campuses with sport and cultural teams from the two campuses competing against each other. Intravarsity 2013will behosted on the Qwaqwa Campus and will take place from 26–27 July 2013.

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