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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

KOVSIE XTRAVAGANZA 2004: Pedro on his way to entertain Kovsies!
2004-09-09

The annual Kovsie Xtravaganza will take place on Tuesday 21 September in the Sand du Plessis Theatre. Once again the best of the Kovsie artists will be show cased in this spectacular of colour, sound and movement. The well known performing artist, Pedro Kruger will act as your host for the evening. 

Some of the Kovsie artists who will be performing, will include: Brilliant Cut, Cantare Student revue group, the UFS Choir, the UFS Choral Choir, KARPOS, Voices Incorporated, Bea vd Vyver, Hanno and Andries (currently ZING finalists), Thabo Hlongwane, Lucy Letsoaka, UFS Gospel Mass Choir and the serenade and talent competition winners. For the first time ever at the Xtravaganza, a live band, Music Incorporated (udo Dieperink Moller), will accompany the soloists. Wayne Flemming will act as the director for the production.

The official residence culture winners will also be announced at this gala event.

Hereby all staff, students and people interested are invited to this centenary spectacular.

Tickets are available from PACOFS (+27 51 447 7772) at R25 per person. For all enquiries, contact Louis Botha (+27 51 401 2819).

 

 

 

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