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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

Two degrees in three years for former teacher
2013-12-17

Jacqui Middleton

When Jacqui Middleton entered university in 2011, she did so alongside her daughter, both women enrolling for their first-year studies at the University of the Free State. Three years later and the mother of three have completed two degrees – a double feat achieved with distinction.

Middleton, a former teacher, will receive a BA degree in Corporate and Marketing Communications at the April 2014 graduation ceremony and a master’s degree in Sustainable Agriculture at the June graduation ceremony. With these two qualifications in the bag, Middleton will pursue her studies with a BCom Honours degree next year, as well as a PhD degree in Sustainable Agriculture.

“It was my first full-time studies since 1988,” says Middleton. “I was a teacher for 22 years and my husband kept saying that I needed to get out of the classroom and into the corporate world. I was reluctant because I was so passionate about education and my children were still at school.”

Things changed when Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, visited the Ikanyegeng Primary and High School in Jacobsdal – where she was a teacher – to deliver a motivational talk. Middleton approached Prof Jansen about a bursary. The next year, with the support of her family, she moved to Bloemfontein and stayed on campus studying for two degrees.

“For me it was a major step of faith because we were relying on my salary and I had to give that up to study, so we had to believe there is something bigger beyond the three-year period.”

Something bigger definitely awaited. Her study record of the last three years reflects a dedicated student who passed most of her subjects with marks higher than 80%. 

With her new qualification, Middleton will follow a career in agriculture and farming with her husband. ”I am still passionate about education, but now I am passionate about educating farmers to assist with the land reform process. Land reform is crucial for food security in our country and at the moment we need more success stories of black farmers moving from emerging to commercial farming. I believe that whatever you studied in life should not be wasted.”

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