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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

Prof Naomi Morgan knighted by French Government
2015-02-02

Prof Naomi Morgan

Prof Naomi Morgan, lecturer at the UFS Department of Afrikaans and Dutch; German and French, received the prestigious Chevalier de l’Ordre des Arts et des Lettres award at the French Embassy in Pretoria on Monday 26 January 2015.

The Ordre des Arts et des Lettres (Order of Arts and Letters) is an Order of France, established on 2 May 1957 by the Minister of Culture, and its supplementary status to the Ordre national du Mérite was confirmed by President Charles de Gaulle in 1963. Its purpose is the recognition of significant contributions to the arts, literature, or the propagation of these fields.

Prof Morgan is being recognised for her translation work of plays such as ‘Oskar en die Pienk Tannies’, as well as translations of Afrikaans songs to French for the popular Afri-Frans compilation. The fact that the French Government gives such a highly-acclaimed award in recognition to the ‘art of translation’ is even more of an overwhelming honour to her than the personal achievement in itself.

The Chevalier (the Knighting) awarded to Prof Morgan is the third highest grade in the Order.

Prof Morgan now joins world-renowned individuals such as William Kentridge and Johnny Clegg on the list of foreign luminaries who have received this honour. Only two Literature Professors from South Africa – JM Coetzee and André P Brink – received this award in the past. During 1992, Brink received a Commandeur de l’Ordre des Arts et des Lettres and Coetzee was awarded the Chevalier de l’Ordre des Arts et des Lettres.

“I feel that an award like this is not only significant for me, but also to students who are busy with their studies and wondering: is there going to be recognition, what can one do with translation?” Prof Morgan said. “This is the biggest gift, the biggest gift anyone could ever give me. Now I ask for nothing more!”

For more information or enquiries contact news@ufs.ac.za .

 

 

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