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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

Learning to serve, serving to learn
2013-10-18

 

At the Community Engagement Open Day were, at the back, from the left: Dr Choice Makhetha, Vice-Rector: External Relations; and Rev Billyboy Ramahlele, Director of Community Engagement. In front are, from the left: Selby Lengoabala, Betlehem Unit Manager; Councillor Job Tshabalala, Acting Executive Mayor; and Councillor Isaac Tshabalala, Strategic Manager in the office of the Executive Mayor of the Dihlabeng Local Municipality.
18 October 2013

The university held its first Community Engagement Open Day in order to honour outstanding individuals and highlight programmes that advance its civil responsibility. Hosted by the UFS Community Engagement Directorate, local community members, students and staff gathered in the Callie Human Centre at the Bloemfontein Campus, displaying what they do to empower communities.

Partners in Community Engagement (CE) and Service Learning (SL), local government, community-based research, student volunteer groups, Non-Profit Organisations (NPOs) and private business interacted with guests at their various information stalls. Faculties and departments displayed their distinctive programmes and demonstrated a renewed commitment to change lives through sharing knowledge, rendering services and fostering empowerment among communities.

In recognition of outstanding service, commitment and excellence in the field of community engagement and service learning, some staff members, researchers and some partners received the Vice-Rector’s Award for Community Engagement. Among them was Prof Matie Hoffman, who was honoured for his longstanding involvement in research at the Boyden Observatory. He is currently at the forefront of renovations for the planetarium at Naval Hill. In the category for external partners, REACH and Heidedal Childcare were awarded for demonstrating commitment towards their partnership with the university. The acting Executive Mayor, Job Tshabalala, also received an award on behalf of Dihlabeng Local Municipality Mayor, Tjhetane Mofokeng, for their involvement in education and social cohesion programmes. During his keynote address, the Director of Community Engagement, Rev Billyboy Ramahlele, emphasised the contribution that community engagement has on the two major strategic programmes of the university, namely the Academic and Human Projects. He pointed out that CE creates a platform on which students learn to appreciate human diversity in a real and unprotected set-up.

The interactions of the Open Day are expected to raise awareness, cultivate understanding among partners, encourage solid alliances and bring to the fore an acknowledgement of community engagement as the integral part of higher education.

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