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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

Prof Laura Mulvey – intellectual path-breaker in international film industry
2014-07-10

Prof Laura Mulvey – currently a professor at Film and Media Studies at Birkbeck, University of London, recently visited the Bloemfontein Campus. As a tribute to her achievements, the UFS bestowed an Honorary Doctorate on her during our 2014 Winter Graduation Ceremony. In addition, two events were scheduled during which the public could get to know Prof Mulvey and her films better.

Prof Mulvey is a hugely influential figure in the international arena of film and visual media. She is globally recognised as an eminent feminist film scholar and worked at the British Film Institute for many years. During the 1970s and ‘80s she exploded onto the scene as a prominent avant-garde filmmaker.

During her visit, she joined Prof Annie van den Oever (University of Groningen) in two discussions of films – which included some of her most renowned film material.

Under the Skin of the City (Iran, 2001), directed by Rakhshan Bani-E'temad, was screened in full on Thursday 3 July 2014. The film centres on the trials and tribulations faced by an Iranian family. This award-winning film resonated with the South Africans present because of the social issues it addresses. A thought-provoking discussion followed between Profs Mulvey, Van den Oever and the audience – delving deeper into the mechanisms of the film.

On Saturday 5 July 2014, Prof Van den Oever and Prof Mulvey had another discussion – this time round the audience was treated to snippets from Prof Mulvey’s prominent films.

Her work has impacted the cultural and social sciences and not only does her critical analysis scrutinise issues of gender, but also that of race and ethnicity.

Described as ‘a key intellectual path-breaker’, Prof Mulvey’s visit left a trail of inspiration throughout our Kovsie community.

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