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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

UFS chemist invited by UNESCO to present lecture at World Science Forum in Budapest
2015-12-07

From the left are: Dr Jean-Paul Ngome Abiaga from UNESCO, France; Abdoulaye Ibrahim, also from UNESCO in France; and Truidie Venter, a young scientist from the Department of Chemistry at the UFS.
Photo: Supplied

Dr Truidie Venter, a young scientist from Inorganic Chemistry in the Department of Chemistry at the University of the Free State (UFS), returned recently from presenting a lecture at the 7th World Science Forum, held in Budapest, Hungary. She was one of the few young researchers world-wide who were invited to attend the forum.

In her capacity as a young female researcher from Africa, Truidie was invited by UNESCO to present her views on science in diplomacy at this event. Her talk focused on collaboration between researchers from different countries, and the challenges faced by young researchers in Africa, and served to initiate discussions between young researchers concerning international, interdisciplinary scientific cooperation.

The Science Forum, an international conference dedicated to science and knowledge, was held in Budapest from 4-7 November 2015. This interdisciplinary gathering is supported by the United Nations Educational, Scientific and Cultural Organization (UNESCO), the International Council for Science (ICSU), and other partners, and is aimed at providing an occasion for representatives of science, politics, international organisations, industrial and financial decision makers, international science forums, and science academies to meet and exchange views.

More than nine hundred delegates from 108 countries took part in this event. The speakers included Her Royal Majesty Princess Sumaya Bint El Hassan, President of the Royal Scientific Society of Jordan, Dr Irina Bokova, the Director-General of UNESCO, Prof Sir Peter Gluckman, first Chief Science Advisor to the Prime Minister of New Zealand, Prof Ene Ergma, former President of the Riigikogu (Estonian Parliament), and Ms Naledi Pandor, Minister of Science and Technology of South Africa.

At the conclusion of the forum, a declaration was accepted regarding the renewal of the scientific community’s commitment to the responsible and ethical use of scientific knowledge in addressing the grand challenges of humankind. This declaration addressed the headings of climate change, new sustainable development paths, disaster risk reduction, scientific advice for policies, international collaboration for capacity-building and mobilisation in the developing world, and balanced investment in science.

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