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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

Statement in the media on 14 January 2016 by national student structures about national student protests
2016-01-15

The University of the Free State takes cognisance of the decision by national student structures on 14 January 2016 that protests should stop and students return to studies. Here are selections from a transcription of the press conference, followed by a link to the full and complete transcript:

“The PYA calls for Back to School... The Progressive Youth Alliance, Sasco, YCL, ANC Youth League, call upon students from all walks of life to use the systems provided by government and not delay their future any longer unnecessarily. There is no reason at all for strikes to continue when people's government has addressed the main immediate concerns of students...

“Members of PYA, Sasco, ANC Youth League, and the Young Communist League, and all progressive forces, should defend the interests and gains of students who marched genuinely for FeesMustFall last year. They must make sure that students are on the concession provided by government and go back to class and wait for the report from the commission [on free higher education recently established by President Zuma]...

“Students should be decisive and reject dark forces that seek to delay them further, and students should play their part by ensuring that they focus on their academic studies, and take the opportunity provided through this additional loans and bursaries to successfully complete their studies...

“Students can no longer delay their studies. They must be allowed to write their examinations - those who did not write last year - and those who need to register, must register and go back to class. We will regroup ten months into the year when the report of free higher education has been released, to consider its content...

“Fees have indeed fallen, access must rise, and all students must go back to school.”
 
Link to complete transcript: http://ow.ly/X5ViR

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