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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

Leeds academic presents a seminar on racism in the UK
2014-07-30

 


Dr Shirley Tate during her seminar on colour-blind racism.
Photo: O'Ryan Heideman

A prominent researcher and academic, Dr Shirley Tate, recently delivered an academic paper – soon to be published – on racism at institutions of higher learning in the United Kingdom. The seminar was hosted at the Bloemfontein and Qwaqwa Campus by the Institute for Reconciliation and Social Justice.

Dr Tate spoke about colour-blind racism – where racism at an interpersonal level, racial differences and ethnic particularities are overlooked. Colour-blind racism continues to negate the fact that skin colour has consequences in societies where it has been claimed that 'race' no longer matters.

Dr Tate, author of two books, is particularly interested in exploring the intersections of 'raced' and gendered bodies, race performativity, critical mixed race and racism in organisations.

Her talk sparked a lot of interest from both students and staff who were extremely keen to find out more about her extensive research and its striking similarities to our South African experience.

Dr Tate is an Associate Professor in Race and Culture and Director of the Centre for Ethnicity and Racism Studies at the University of Leeds in the United Kingdom.


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