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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

Kovsie student trailblazing to literary stardom
2013-10-24

 

Ace Moloi with a copy of his book In Her Fall Rose a Nation
Photo: Jerry Mokoroane
24 October 2013

Ace Moloi proves that ambition and self-belief are key ingredients in achieving your dreams. At merely 21-years of age, this Kovsie student made his entrance onto the literary scene with the launch of his first novel. In Her Fall Rose a Nation tells the story of a young girl who leaves her rural home to further her studies in the city. Loosing herself in the excitement of student life, she gets kicked out of university. As a result she has to find refuge in the streets that devour her last bit of hope of rising again. The novel, published by New Voices Publishing, was introduced to an eager audience at the Bloemfontein Campus.

Moloi, a third-year Communications student and prime of House Tswelopele, says his book is a unique offering that will inspire and intrigue.

"The inspiration behind this project emanates mainly from the realisation that as much as we bemoan the lack of reading among young people – particularly in the townships and rural areas – we haven’t taken the initiative to write books that will speak to them and their day-to-day circumstances."

The talented writer, who is also a content contributor for News24 and a former IRAWA Post news editor, says he has been influenced by the writings of extraordinary individuals such as Kwasi Koranteng, Steve Biko and Dr KPD Maphalla. It took him three years to write the book, Ace says, mentioning that it first started as a Sesotho novel, that was later turned into English.

Already working on his second manuscript, Prey and Predators, Ace’s message to fellow students is to never underestimate the power of dreams. "By nature, dreams are unique, and so is yours. Own it up. Defend it. Realise it. Most importantly, never allow anyone to make you feel guilty for having great ambitions, for without ambition there is no meaning at all to life."

* In Her Fall Rose a Nation sells for R100 and can ordered from Ace at ace.moloi@gmail.com. The book can also be ordered online for R150 from New Voice Publishing online bookstore at www.newvoices.co.za.

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