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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

Many changes for Shimlas, says new captain
2016-01-25

 Description: 2016 Shimla Neil Claassen Tags: 2016 Shimla Neil Claassen
The versatile forward, Neil Claassen, will lead the Shimlas onto the field in the 2016 Varsity Cup. Photo: Johan Roux.

The University of the Free State (UFS) has a new group of rugby players, a new head coach, and a new captain.

This is how the Shimla skipper, Neil Claassen, summed up his team's approach to the 2016 Varsity Cup.

Although the UFS will start the tournament as defending champions, the 23-year-old Claassen believes that much has changed since 2015.

One of which is his appointment. The flanker, who can play lock as well, was recently appointed as Varsity Cup captain in his third series.

The former Springbok flanker, Hendro Scholtz, took over as head coach from Franco Smith, who is now the Cheetahs trainer. Mac Masina, former centre for the Lions, is a new assistant coach.

New year with more pressure

Because of all the changes, Claassen feels that the Shimlas will need a different approach to the 2016 tournament.

“There will definitely be more attention on us (as champions). However, the guys in the camp see it as a new year,” he said.

“There is pressure, but we don't focus on that too much.”

Previous leaders set example

According to Claassen, he has never before led a team for which he played.

“I didn't expect to be captain,” the former pupil of Paarl Gymnasium said.

“This is something new. I have played with good leaders like AJ (Coertzen) and Oupa (Mohoje) before, and will take forward what I have learned from them.”

He also believes that there are several senior players, such as the vice-captain, Pieter-Steyn de Wet, who will assist him in his leadership role.

Back from injury

Claassen has played Currie Cup, Vodacom Cup, U21 and U19 rugby for the Free State.

However, a knee injury kept him out of action for nine months and he missed the last three Varsity Cup matches of 2015.

He returned for a training match against the University of Johannesburg in Kroonstad on 23 January 2016. The Shimlas also played a warm-up match against the University of KwaZulu-Natal in Bethlehem on 16 January 2016.

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