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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

Shimlas still the only unbeaten side in 2015 Varsity
2015-03-18

The Shimlas remain the only unbeaten side in this year’s Varsity Cup rugby tournament after their bonus-point 44-24 win against the University of Cape Town Ikeys in Bloemfontein.

The home side managed a very comfortable 34-8 lead in the first half against the defending champions Ikeys. No matter how hard the Ikeys fought back, the Shimlas win was inevitable, and secured the first ever home semifinal at the UFS.

It was in the second minute that Shimlas’ Gerhard Olivier went over the try line. The Shimlas continued to press forward, and kept the game play primarily in the UCT half of the field. By the time the first Strategy Break came along, the Shimlas already had a 21-0 lead over their visitors. The Ikeys did manage one converted try before halftime, still leaving the home side with  a 34-8 lead.

After halftime, there was still no stopping the Shimlas. Even when UCT’s attempt at a comeback saw them scoring their second converted try, the point difference were still 18 points. Shortly after, Olivier scored his third try for the Shimlas. The Ikeys’ response to this was scoring a third try in their comeback effort, putting the scoreboard at 39-24 with Shimlas still in the lead after 65 minutes.

Despite Ikeys’ attempt for their bonus point try near fulltime, Shimlas’ counter-attack saw their replacement player Boela Venter cross the try line for the last  time to secure a 44-24 win for the home side.

The Shimlas will host North-West University’s Pukke side at Shimla Park in the last round of the tournament this coming Monday. For the first time since the Varsity Cup’s inauguration in 2008, the UFS side has already secured a home semifinal for the week after.

Shimlas point scorers:

Tries: Gerhard Olivier (3), Johan van der Hoogt, Danie Maartens (2), Boela Venter
Conversion kicks: Niel Marais (3)

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