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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

Kovsies show Madiba their love
2013-07-15

 

Showing love to Madiba: Our Kovsie delegation outside the Medi-Clinic Heart Hospital in Pretoria
Photo: Jerry Mokoroane


Staff and students from our Bloemfontein and Qwaqwa Campuses travelled to the Medi-Clinic Heart Hospital in Pretoria to wish former president Nelson Mandela well and to show their support to his family. Paying their respects to Madiba, who has been in hospital for over a month, the Kovsies held a prayer service outside the hospital and shared stories of the impact the icon had on their lives. The delegation was led by Mr Rudi Buys, Dean of Student Affairs, who told visitors and media at the hospital that the Kovsies travelled to the hospital to thank Madiba and to show that the university is committed to reconciliation after the Reitz incident. "We are here to show our respect and to honour him for what he has given to this country. We are also here to show that we are committed to reconciliation and that we remain committed to change," said Buys.

The delegation also visited Madiba’s old house in Vilakazi Street in Soweto.

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