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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. 

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UFS Autumn Graduation inspires perseverance
2015-04-20

 

Louzanne Coetzee and her guide dog, Oakley after she received her degree at the UFS’s Autumn Graduation.
Photo: Gerhardus Bosch

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Prof Himla Soodyall
Mr Ndumiso Hadebe
Leanne Manas
Dr Maria Phalime
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Autumn has seen the UFS’s first graduation ceremonies of the year on the Bloemfontein Campus. From 14 to 17 April 2015, a total of 3 660 graduates were rewarded for their hard work while top speakers addressed them in the Callie Human Centre.

UFS Chancellor, Dr Khotso Mokhele, commented the more than 250 students who passed their degrees with distinctions at the autumn graduation.

Prof Soodyall, a Medical Scientist at the South African Institute for Medical Research as well as  Principal Medical Scientist for the National Health Laboratory Service, and Director for the Human Genome Diversity and Disease Research Unit at the University of Witwatersrand delivered the first motivational message of the April Graduation. The group of graduates in the Faculty of Natural and Agricultural Sciences listened as she shared her story with them.
 
"My own career – with no grand design or script – steered me into conducting genetic research on human populations from sub-Saharan Africa with a focus on a better understanding of human evolution, and to reconstruct the prehistory of African populations. While giving graduates a glimpse on how her career progressed, Prof Soodyall said: "I share these stories with you to give you some reassurance that you do not need feel that you have to figure out every minute detail of where to from here. Things fall into place with hard work, dedication, and dreams.

The developed world is forging ahead with interventions, so the gap between the developed world and the developing world continues to grow bigger. Prof Soodyall said: “You have the unenviable opportunity to think strategically, and to use the modern tools in your respective fields to make significant advances to transform our society, and to contribute to making it a better place for all. We need to embrace the current challenges, and build networks and bridges across disciplines to close the gaps, to work beyond the cultural barriers, and to ensure equity in access to health, water, education, etc, for all, as we would wish these things for ourselves and our families.

Read the full story of the Autumn Graduation 2015

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