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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

Student rights revived
2015-03-30

Lindokuhle Ntuli fulfils his promises.

“I can assure you that each and every promise that I’ve made to the students will be fulfilled.”

That is a promise that Lindokuhle Ntuli, SRC Legal and Constitutional Affairs (Bloemfontein Campus) gave to Kovsie students. The fourth-year LLB student and founder of the UFS Legal Behemoth describes himself as an ambitious person with a passion for law, order, and formality.

He explains the duties of his portfolio as “the office that will really ensure that the interests of all students are catered for. That student’s consumer rights are respected and not violated.” Through his portfolio, he aims to make sure that students are aware of what their rights are.

As part of his portfolio, Ntuli has re-introduced the Student Court, which will be fully functional during the second semester. The portfolio also introduced the Student Engagement Forum.  The purpose of the forum is for students to share their grievances with regards to student rights violations. These discussions will take place twice a semester.

“The student engagement forum is the means by which we are able to really assess what kind of rights of the students are being violated,” Ntuli added.

Together with Louzanne Coetzee, SRC Accessibility and Student Support, Ntuli aims to establish the Student Rights Desk. The desk will deal directly with student rights on campus without recourse to the student court or external courts.

When asked about what his vision for the SRC is, Ntuli responded:

“My vision for the SRC is to see the SRC really attending to each and every need of students. We must advocate for students in the best way we can.”

And the words Lindokuhle lives by?

“Law and order exist for the purpose of establishing justice, and when they fail in this purpose, they become the dangerously structured dams that block the flow of progress” (Martin Luther King Jnr).

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