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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

Disaster risk management centre of the UFS serves on UN specialist committee
2015-06-26

Dr Andries Jordaan
Photo: Supplied

The Director of the Disaster Management Training and Education Centre (DiMTEC) at the University of the Free State, Dr Andries Jordaan, has been invited to serve on a UN special committee by the Secretary-General of the United Nations.

Dr Jordaan took part in the Expert Workshop on Climate Resilience in Geneva, Switzerland, on 22-23 June 2015.

In preparation for COP 21, which takes place later this year in Paris, the United Nations must draw up a situation report for a universal climate agreement between all the world’s nations. In order to advise the United Nations and the Secretary-General, and to prepare for the UN’s resilience initiative that will be launched during this important international gathering, a small  team of approximately 20 experts and scientists from all over the world have been chosen to review the concept of the project. This group of experts will help to revise the original concept for the project.

According to Dr Jordaan, the Sectretary-General of the UN will be launching a ‘resilience initiative’ that is aimed at promoting resilience in climate-related risks.

Jordaan says it is an honour for him to represent the UFS and DiMTEC on such a specialist committee. “For me, it is recognition of the contribution we make in Africa and the world to disaster risk and climate adaptation,” he says.

DiMTEC is proud to be at the forefront of disaster management training in Africa. The centre has close ties with institutions of the United Nations, such as UNU-EHS, UNU-Flores UNOOSA, UNSPIDER, UNEASCO, UNEP, UNCCD, UNISDR and UNDP, among others.

DiMTEC strives to inform the public about disaster risk reduction through education. The centre’s master’s and post-graduate degrees in disaster management, as well as short courses and research, are of the highest standard.

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