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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. 

News Archive

2015 RAG promises family fun
2015-01-30

The annual Kovsie Rag Community Service (CS) procession will take place on Saturday 31 January 2015 and this year’s theme is all about Video Games and City Icons.

The floats are judged on  31 January andwill depart at 09:00 from the UFS Bloemfontein Campus’ Furstenburg Gate (near Tempe) for the first procession of the day.

Their route will end at Twin City mall where 6 000 meals will be distributed to Heidedal and Mangaung communities.

The float winners will be announced at 17:00, just before the main procession of the day will again depart from Furstenberg Gate in Nelson Mandela Drive.The 2014 UFS Rag queen, Mr Rag and their runners-up will greet the public from the main float. Finalists for the 2015 UFS Rag queen and Mr Rag titles will also accompany the procession.

The popular family festival will take place at Chevrolet Park cricket stadium. There, young and old will be entertained by well-known artists such as K. O, Riana Nel and Matthew Mole.

Do not miss out on this wonderful family festival – come early, bring your family and picnic blanket/chairs to ensure a great spot on the grass. A variety of refreshments will be on sale.

Tickets are available from Computicket as well as at the entrance gates.
Tickets: R80 per person
R50 per child under 12

KFC Rag Procession 31 January 2015 Programme:

09:00 floats depart from the university at the Furstenburg gate
11:00 procession and floats arrive at Twin City Mall in Heidedal
11:00 – 12:00 Westline Aviation air show; distribution of food parcels and balloons released
16:00 Chevrolet Park cricket stadium gates open
18:00 procession and floats depart from the university to Chevrolet Park via Nelson Mandela drive
19:00 – 20:00  Riana Nel
20:00 – 20:45 procession and floats arrive at Chevrolet Park
20:45 – 21:45  Matthew Mole
22:00 – 23:00  K. O

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