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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

Physical Planning lives in recaptured space
2014-06-18

When the Department of Physical Planning decided on a new office premises, the team decided to tackle the project with an overarching theme – recycling.

It is important for Physical Planning to not only dictate to other departments on campus, but to set the example themselves,” says Nico Janse van Rensburg, Director: Physical Planning at the UFS. 

Recaptured space

New office space on campus is simply not available. It was therefore decided to recover space and a store room was identified. “Fortunately, the storage area had ceilings. However, it was dilapidated and was sagging all over. To divert attention from the ceiling, we painted it in a dark colour and the walls white.

“All wiring was also done superficially. It draws the attention away from the uneven surfaces and simplifies work on the wiring. Instead of trying to hide it, we made a focal point of it,” says Janse van Rensburg.

Recycled building materials

Lots of the building material that was used to convert the storage space into offices, was recovered from other building projects on campus. Material that would normally be discarded was utilised creatively to not only serve a practical purpose, but also an aesthetic one.

A laboratory basin was used as wash basin. Remaining parts of granite slabs from other sites were utilised as top for the basin. Existing toilets were also reused. To enhance the atmosphere, new taps in an affordable, but durable range were installed.

Recycled furniture

We rambled through every possible store room to find furniture. Tables were simply sanded and varnished and look better than new. Even the cabinet at the entrance was saved from wind and weather and reused.

Hot and smart

Only one screen wall was built. It was left in raw brick, unplastered and unpainted to contribute to contrasting textures. Existing walls were left painted or unpainted as it was before.

“The environment that was created breaks down several existing perceptions. Such as the perception that everything has to match; everything has to be plastered and painted and many others. This is an example of how different materials can be combined to create a lively environment.

“Staff members have already moved into their new offices and are very satisfied,” says Janse van Rensburg. 

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