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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

Statement: Visit of the Portfolio Committee on Education to the UFS
2005-02-25

The chair of the Portfolio Committee on Education (PCE) Prof Shepherd Mayatula has commended the management of the University of the Free State (UFS) for its positive approach to the incorporation of the Vista and Qwaqwa campuses.

According to a statement issued by the university’s communication section, Prof Mayatula said that while there were outstanding issues to address, a platform had been created through the visit of the portfolio committee for the UFS to find solutions.

Speaking at the end of a visit to the Bloemfontein campus of the UFS, Prof Mayatula said: “You know the issues that exist between the three campuses and you know the solutions. You don’t need recommendations from the Committee.”

Earlier today the PCE held a three-way meeting between the PCE, the management of the UFS and the Vista Task Team, representing staff and students at the Bloemfontein campus of the former Vista University .
 

The Bloemfontein campus of the former Vista University was incorporated into the UFS in January 2004.

The multi-party delegation from the PCE was led by its chairperson, Prof S Mayatula, while the delegation from the UFS was led by the Rector and Vice-Chancellor, Prof Frederick Fourie, while the Vista Task Team was lead by Mr Paseka Mokoena.

Following a presentation by the Vista Task Team and a presentation by the UFS management, other committee members also commended the UFS for the spirit in which outstanding issues were being handled.

It was indicated by portfolio committee members that other universities have far more serious problems than the UFS, and that some of these universities have also been visited by the PCE. The UFS appears to be on the road to be an important pilot case for incorporations and mergers.

The issues that were discussed during today’s meeting included the following:

  • outstanding issues in the process of incorporating the Bloemfontein campus of the former Vista University into the UFS, including:
  • staff issues and conditions of service
  • issues of student aid and pipeline students
  • governance of the UFS
  • the long term utilisation of Vista as a site

The Rector and Vice-chancellor of the UFS, Prof Fourie, expressed his appreciation for the role played by the Portfolio Committee on Education in bringing about a common understanding of the transformation issues facing the UFS.

Prof Fourie said the Portfolio Committee’s visit was a useful intervention to bring about a sense of urgency in resolving matters affecting the Vista campus as well as the Qwaqwa campus.

Issued by: Mr Anton Fisher
Director: Strategic Communication
Cell: 072-207-8334
Tel: 051-401-2749
25 February 2005

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