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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

UFS becomes Varsity Netball champions – again
2014-10-21



Photo: Catherine Kotze, SASPA
Kovsies has become the first team to successfully defend the Varstiy Netball title when they beat Tuks 49-42 in the 2014 final in Pretoria on Monday 20 October.

University of Pretoria (Tuks) might have been unbeaten for the entire 2014 tournament, but this did not hinder Kovsies in becoming the Varsity Netball champions for a second consecutive time.

From the outset, both these furiously focused teams fought hard and only after ample turnovers could Kovsies finally manage to open the score board.

The Mostert sisters, Karla and Tanya, won a couple of crucial balls, leaving the UFS dominating possession in the opening exchanges.

When Tuks eventually got to scoring, they could not stop the UFS from rushing to a 9-3 lead after the first ten minutes. The visitors had established a 13-5 advantage by the first break, keeping the Pretoria crowd quiet.

The home side came back shooting in the second quarter with great determination, fighting their way back into the game. Tuks ran hard, needing to work hard against Kovsies, who still managed to be in the lead with 22-16 at half-time.

Kovsies made good use of their power play early in the third quarter to stretch their lead further to 30-22. They made the most of their opportunities, going into the final quarter with a 39-31 upper hand.

Even though Tuks made a couple of changes during the final break, they could not avoid defeat in the end.

Kovsies’ Lauren-Lee Christians was also the player of the match, while the champion’s captain, Karla Mostert, was announced as the Player of the Tournament.

This hard-working defender made a number of crucial interventions alongside her sister Tanya in the final. Karla proved that she was the fans’ tournament favorite, claiming the most votes and winning a Samsung S4.

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