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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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UFS holds memorial service for Prof Benito Khotseng
2015-01-09

Prof Benito Khotseng

The management of the University of the Free State is saddened by the passing away of Prof Benito Khotseng, former Vice-Rector: Student Affairs at the UFS.

Prof Khotseng died from a heart disease on Sunday 4 January 2015 at the age of 67.
He joined the University of the Free State as a senior manager more than two decades ago.

According to family and colleagues, his death has left a void in the education fraternity.

Prof Kalie Strydom, who has been a colleague of Prof Khotseng for more than 20 years, described him as a principled leader who did not promote and argue educational issues in his own interest.

“His focus was never on benefitting opportunistically in the short term, whether professionally or financially. I had the privilege of participating with Benito in many meetings and fundraising efforts where the correct values/principles and the organisations/institutions for which he worked benefitted, but other than so often happens in life, Benito did not benefit personally. We celebrate him forever, though with tears in our eyes.”

A memorial service for Prof Khotseng will be held at the UFS’s Bloemfontein Campus:

Monday 12 January 2015
10:00
Albert Wessels Auditorium, Bloemfontein Campus, UFS

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