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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. 

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UFS pays tribute to Nadine Gordimer
2014-07-15

 
Nadine Gordimer
Photo: Jullian Edelstein
The staff and students of the University of the Free State (UFS) are greatly saddened by the news of Nadine Gordimer’s passing. We extend our deepest condolences and heart-felt sympathy to Ms Gordimer’s family, friends and loved ones.

Nadine Gordimer – renowned South African author, political activist and recipient of the 1991 Nobel Prize in Literature – passed away on Sunday evening, 13 July 2014 at the age of 90.

The university community had the great privilege of Ms Gordimer delivering the Inaugural Reconciliation Lecture on our Bloemfontein Campus on 7 November 2012. Lauded as one of the literary world’s most powerful voices against apartheid, Ms Gordimer hailed the university for doing things differently from what has been done in the past.

In reference to the transformation underway at the university, Ms Gordimer observed in the Annual Reconciliation Lecture that “The University of the Free State has begun a national culture in so many ways.”

The legacy of Nadine Gordimer will forever remain in the memory of the UFS, its staff and students.


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