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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

UFS council appoints new representatives
2006-06-14

From the left are Dr Vicky le Roux and Mr Jan Grobler, both are former members of the Executive Committee of the Council, Judge Faan Hancke, chairperson of the Council, and Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.
Photo: Stephen Collett

UFS council appoints new representatives   

Three new representatives were elected on the University of the Free State’s (UFS) Council during its second seating for 2006.  This includes representatives from the religious community, alumni, donors and the Minister of Education.

Ms Cheryl Gillwald, former Deputy Minister of Correctional Services, has been appointed by the Minister of Education as ministerial representative in the place of Prof Shirley Walters and will serve for the rest of Prof Walters’ term.

Father Patrick Towe, Roman Catholic priest from Bloemfontein, was appointed as representative of the religious community.  Father Towe is member of the Missionary Oblates of Mary Immaculate and chairperson of the UFS Campus Ministries. 

Adv Mauritz Randlehoff, joint deputy chairperson of the national Kovsie-Alumni Association and deputy chairperson of the Kovsie-Alumni Trust, was elected as one of the three representatives out of UFS alumni on the Council.  Judge Faan Hancke was re-elected as representative of the alumni for a second term.

Mr Klippies Steenkamp as representative of the UFS donors has also been re-elected.  He was, among others, chairperson of the Kovsie-Alumni Association and founding member of the Kovsie-Alumni Trust’s council of trustees.

The university also bid farewell to two members of Council, Dr Vicky le Roux and Mr Jan Grobler.  Both were members of the Executive Committee of the Council.  Mr Grobler represented the UFS Council in the Institutional Forum and Dr le Roux was a representative of the Council in the Institutional Forum and the Senate. Together they have serve thirty nine years on the Council.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
13 June 2006


 

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