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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

The Great Pool of Exhilaration
2015-02-11

Photo: Albert van Biljon 

 

Boys’ roars and ladies’ shouts could be heard from miles away. From this, one could tell that the 2015 first-year’s Swimming Gala was bound to be an exciting one.

While RC Sports members were stressing, the first-years blissfully continued in song and excitement.

One would think that, after a hectic first week of classes, first-years would not have much energy left, but the atmosphere proved that Residence Committees (RCs) had prepared the individuals with rather motivating pep talks before the event. Most male residences put their best foot forward, not holding back on themed attire and additional instruments, while female residences sang and danced to the music provided. Not only were the masses competing to claim that they had the greatest spirit on this night, but they were also waiting to hear the results of the Spirit Cup for the first-years’ Athletics, which was cut short due to heavy rain showers. This simply added to the already intense anticipation of first-years and RC Sports members, as they would receive the results only at the end of the event.

The competition was tough as many of the first-years who competed moved with ease in the water as though it was second nature to them. This year’s gala saw quite a few talented, national swimmers competing, which left those who swam for pride and points intimidated. The excitement of the crowd was heightened as the relay section of the programme approached. This meant that the winners were to be announced soon.

In the ladies’ section, the residences were placed:
• 1st – Marjolein
• 2nd – Wag-‘n-Bietjie
• 3rd – Sonnedou

In the men’s section, the residences were placed:
• 1st – Armentum
• 2nd – Vishuis
• 3rd – Karee

When the time arrived for the announcement of the Spirit Cup winners, many were hopefully clenching their hearts for their name to be roared out. In most people’s opinion, it came as no surprise when Armentum walked away with the Spirit Cup for both the first-years’ Athletics and the Swimming Gala. Furthermore, Armentum’s broader South College community – of which Emily Hobhouse, Marjolein, NJ vd Merwe and Villa Bravado are also part – walked away with the cash prize for the best mascot.

By end of the night, everyone, no matter if they were drenched or dry, experienced the exciting sporting atmosphere at Kovsies that they’ve now become a part of.

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