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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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Three Kovsies receive prestigious Mandela Rhodes scholarship for 2015
2014-11-10

From the left: Lehlohonolo Mofokeng, Tumelo Morobane and Zola Valashiya
Photo: Stefan Lotter

 

The UFS continues to produce leaders and is proud to have three Mandela Rhodes scholars next year.

Lehlohonolo Mofokeng, Zola Valashiya and Tumelo Morobane all received this prestigious scholarship for 2015.

A Mandela Rhodes Scholarship provides full funding for a maximum of two years of postgraduate study. The award is open to all African citizens under the age of 30 years and recipients must study towards an honours or master’s degree at a recognised South African institution. Although there is no maximum number of awards, the scholarships are highly competitive, with fewer than 30 scholarships being awarded each year since its inception in 2005. The scholarships cover tuition, accommodation, meals, book allowance, general allowance, and travel expenses. Recipients of the Mandela Rhodes Scholarship are students with outstanding academic achievements, who also possess leadership ability, entrepreneurial skills, and a commitment to reconciliation. In addition to receiving funding for their studies, scholars also do a leadership development programme while in residence. The award is named after Nelson Mandela and Cecil Rhodes and is administered by the Mandela Rhodes Foundation, which is a partnership between the Nelson Mandela and the Rhodes Trusts.

Lehlohonolo has just finished his BEd Hons in Philosophy and Policy of Education at the UFS. He hopes to enroll for a master’s degree in Education Policy, Planning and Management at the University of Witwatersrand with his Mandela Rhodes Scholarship.

Zola is originally from Johannesburg and is completing his LLB degree at the UFS this year. He is planning to stay at the UFS in 2015 to do his LLM in Constitutional Law or International Human Rights Law.

Tumelo has a BSc Honours in Actuarial Science and will use this scholarship next year to study towards her master’s degree at the UFS.

“I chose to stay at the UFS because I am doing a great master's project with Munich Re through the UFS,” says Tumelo. 

“Furthermore, the CEO of the Mandela Foundation, Mr Sello Hatang, asked me to work with the foundation on a few projects that mostly focus on keeping the girl child in school across Africa, as well as helping with providing training and workshops on entrepreneurship to young people.

“So, I am looking forward to a very busy year ahead of me, which will be filled with so much learning, growth and making a difference,” Tumelo says.

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