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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. 

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Join the Kovsie chain of goodwill for Mandela Day
2013-07-17

17 July 2013

The University of the Free State (UFS) will join other civil society institutions by linking together in recognition of the legacy of Madiba on Nelson Mandela Day.

A “human chain” of UFS staff and students will be created at the “thinking stone” next to the H vd Merwe Scholtz Hall on the Bloemfontein Campus tomorrow from 11:00. At 11:25 the assembled chain will recite a pledge statement from the university then move to the Red Square where the rest of the 2013 Mandela Day activities will take place.

The NSH patrons, Mrs Grace Jansen and Dr Carin Buys, will release symbolic doves and join the rest of the “chain” in the singing of the national anthem and prayers from the UFS Interreligious Forum and Campus Ministries Forum.

For enquiries please contact Karen Scheepers on 082 777 8897.

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