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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

Qwaqwa Campus graduates encouraged to face the world with confidence
2015-05-14

 

Speech: Nikiwe Bikitsha 

The Qwaqwa Campus of the University of the Free State conferred over 800 degrees during this year's graduation ceremonies that were held on 8-9 May 2015. These included four PhDs in Natural and Agricultural Sciences.
 
The guest speaker, eNCA's Nikiwe Bikitsha, encouraged graduates to make it their business to learn about everything, no matter where they go.
 
''Having a qualification does not mean that now there will be tasks that are beneath you. No task should ever be too insignificant for you to do,'' said Bikitsha.
 
''You should make it your business to know every aspect of your work because that is where you get opportunities. Find somebody to help you along. Asking questions sharpens your skills and broadens your horizons. Asking questions also communicates to your employers and associates that here is someone who needs to be groomed and nurtured.'' she added.
 
In his congratulatory message, UFS Chancellor, Dr Khotso Mokhele, challenged the graduates to face the journey ahead with confidence.
 
''The journey ahead depends entirely on you, '' he said.
 
''You may think it depends on your parents, your country or the government. But the truth is that this is your journey. What is critical now is the kind of choices you are going to make. There will be stumbling blocks along the way, but you have to make it through,'' said Dr Mokhele.
 
''As the university'’, he continued, ''we hope you are going to make transformative choices that will impact positively on our people, our country and our continent''.
 
Dr Mokhele paid a special tribute to the four PhD graduates, three of whom matriculated at  local Qwaqwa schools, with the fourth matriculating at Mafahlaneng, Tweeling.
 
World-renowned composer and playwright, Dr Mbongeni Ngema, provided musical entertainment.
 
Both ceremonies were attended by community, business and traditional leaders in the Maluti A Phofung area.
 
Also in attendance were over 500 grade 12 learners from Qwaqwa, Kestell, Harrismith and Bethlehem schools.

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