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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

New SRC elected on UFS main campus
2006-08-23

 Ms Loraine Kriek, third-year student in B Consumer Sciences, was elected as SRC President of the Main Campus of the University of the Free State (UFS) for 2006/2007.  Ms Kriek was a member of the Student Parliament in 2005/2006.

 The most students in the history of the UFS – 6 353 in total – voted in this year’s election.  There were only 44 spoiled votes.  Last year 4 846 students voted.

 “Other than last year, minor incidences of vandalism occurred on the Main Campus by students who were unhappy with the outcome,” said Dr Natie Luyt, Dean:  Student Affairs at the UFS.  According to Dr Luyt minor damage was caused to the Thakaneng Bridge and some other buildings on the Main Campus.  

 Kovsie Alliance obtained no proportional representation on the SRC, SASCO obtain 3 seats and the FF+Kovsies obtained 6 seats.  

 This representation gave Kovsie Alliance 1 seat, SASCO 14 seats and the FF+Kovsies 25 seats in the Student Parliament, which consists of 40 seats.

 Nine of the 18 SRC members were directly elected and nine on the basis of proportional representation (PR).   The PR system was introduced after amendments to the constitution of the Main Campus SRC were approved by the UFS Council in June 2005. 

According to Dr Luyt elections on the Vista Campus will take place today (Wednesday 23 August 2006) and Thursday 24 August 2006.  The results will be announced on Friday 25 August 2006.  The SRC of the Qwaqwa Campus will be elected on Friday 25 August 2006.  If there are no objections to the final results, it will be announced that same day.

The Central SRC, made up of representatives of the 3 campus SRCs, will be announced towards the end of September 2006.

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

 

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