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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 celebrates Madiba’s legacy with coin-laying ceremony on 18 July 2013
2013-07-15

 

Photo: Johann Roux
08 July 2013

The University of the Free State (UFS) will once again join South Africans as well as the broader international community on Thursday 18 July 2013 in celebration of the enduring legacy of beloved former statesman, Nelson Mandela.

The UFS aims to stay true to the spirit of giving and selflessness epitomised by Mandela Day, focusing on the university community as well as the city of Bloemfontein.

This year’s event will strive to eclipse the success achieved during the 2012 event which featured Archbishop Emeritus Desmond Tutu as special guest.

The festivities on 18 July 2013 will kick off with university volunteers cleaning various areas of Bloemfontein. Departing from the Bloemfontein Campus at 09:00, the volunteers will clean areas in Heidedal and Mangaung with the help of the Mangaung Metropolitan Municipality.

In Heidedal, the volunteers will clean the crèche on the corner of Parish and Lackay roads as well as the old clinic on the corner of Parish and De Vries. In Mangaung, the volunteers will tackle the bustling Free Square on the Dewetsdorp road.

The larger celebration will take place on the Red Square of the Bloemfontein Campus at 12:00. Long-time Madiba confidant, Zelda la Grange, will deliver a message, followed by a R5 coin-laying ceremony.

La Grange will be joined by the motorcycle riders affiliated to the Bikers for Nelson Mandela Day, OFM presenter Johrné van Huysteen who will conduct proceedings, UFS Vice-Chancellor and Rector Prof Jonathan Jansen as well as UFS students, staff, other dignitaries and special guests.

The programme also includes a lucky draw with winners standing the chance to win restored bicycles. Tickets can be purchased through Annelize Visagie at 051 401 3258 or at visagiea@ufs.ac.za. The winners will be announced during the ceremony on the Red Square.

All proceeds of the coin-laying ceremony and lucky draw will be contributed towards the university’s No Student Hungry (NSH) Programme.

The NSH Programme was established in 2011 to help ensure needy students are supplied with a food bursary which provides them with the necessary nourishment to excel in their academic studies. The initiative has since become a university-wide endeavour and currently serves more than 100 students daily on the Bloemfontein and Qwaqwa Campuses.

Rag Community Service will also cater for the specific needs which the harsh Free State winter causes – especially to the poor. Close to 500 blankets will be donated on Mandela Day to five different charities, including Mosamaria Aids Ministry, Choc House and Freshly Young Minds.

For further information, please contact Marissa van Jaarsveld on 051 401 3834 or at nostudenthungry@ufs.ac.za.

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