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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

UFS presents its third Amazing Rainbow Rally
2007-05-31

The University of the Free State (UFS) and OFM will present the third Amazing Rainbow Rally on Friday, 8 June 2007 in Bloemfontein.

This year’s Rally promises to be loads of fun with plenty of new surprises in store. The Amazing Rainbow Rally, our version of the popular television series the Amazing Race, is held in aid of children and babies with serious diseases in the Department of Paediatrics and Child Health in the Faculty of Health Sciences. By raising the necessary funds, equipment can be acquired to meet the unique health care needs of these special patients. It will also enable the UFS to maintain the high standards of education, training and research in this field.

In the Amazing Rainbow Rally, teams travel along a route with various checkpoints where activities will have to be completed, or clues solved, to be able to proceed to the next checkpoint. The team who completes the Rally first will be the winner of the Amazing Rainbow Rally 2007.

The day promises to be a huge event with lots of challenging activities for the teams and live crossings to the OFM Breakfast Team. Teams will travel in marked “taxi’s” from checkpoint to checkpoint. So give them a shout and show your support!

The Coca-Cola Celebrity Team, with Ebi Halberstadt (Braam from Egoli) and Lorraine Kriek (UFS Rag Queen and SRC President) will add extra sparkle to the event.

Join us at the Windmill Casino, the starting point for this year’s Rally at 12:00 on 8 June 2007!

Media release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl@ufs.ac.za
29 May 2007
 

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