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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

Media: Moshoeshoe-lesing waardevol
2006-05-29



Hoofartikel
29 Mei 2006

 

Waardevolle lesing

DIE eerste koning Moshoeshoe-gedenklesing van die Universiteit van die Vrystaat het sommer met die intrapslag prikkelende gedagtes opgelewer en wys dat dit ’n paslike en nuttige manier is om ook die bydraes van swart leiers in Afrika te eer.

Terselfdertyd verskaf die eerste gedenklesing wat deur prof. Njabulo Ndebele, vise-kanselier van die Universiteit van Kaapstad gelewer is, diep stof tot nadenke en debat.

Die gedenklesing kom juis terwyl al hoe meer wenkbroue gelig word oor die skepping van ’n ander forum, die Native Club, waarvan wit Afrikane uitgesluit word.

Dis die geesteskind van mnr. Titus Mafolo, politieke raadgewer van pres. Thabo Mbeki, en die doel daarvan is om ’n forum te verskaf vir Afrika-intelligentsia.

In teenstelling met die ras-eksklusiewe Native Club wat ’n ongelukkige teruggryp is na rasgegronde instellings onder die apartheidsbewind, het prof. Ndebele in die gees van die inklusiewe leierskap van koning Moshoeshoe van Lesotho die gedenklesing opgedra aan al dié mense in Suid-Afrika en elders wat die moed het om hul oorwoë mening uit te druk oor belangrike sake wat die samelewing in die gestig staar.

Hy het tereg bygevoeg dié lesing kom op ’n kritieke punt in Suid-Afrika se nuwe demokrasie.
Prof. Ndebele het daarop gewys dat koning Moshoeshoe – Lesotho het onder sy leierskap mense van verskeie dele van die subkontinent gelok – kon bewys dat verskeidenheid ’n bindende eienskap kan wees.
Jy bereik die grootste eenheid tussen onderskeidende entiteite waar jy relatief vrye ruimte aan hulle gee om hul eiesoortige kenmerke na vore te bring.

Prof. Ndebele het ook opgemerk ’n toenemende aantal hoogs intelligente, sensitiewe en toegewyde Suid-Afrikaners oor die klas-, ras- en kulturele spektrum heen, bely dat hulle soos nooit tevore nie, onseker en kwesbaar voel sedert 1994.

Hierdie koerant spreek ter aansluiting hierby die wens uit dat die ANC-regeringsalliansie sal toesien dat wie ook al die leiding vorentoe in dié alliansie oorneem, ook daardie saambindende eienskappe moet besit wat koning Moshoeshoe gehad het. En wat hy gebruik het om sy land uit te bou en te verenig.

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