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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 to establish Sesotho language research and
2004-12-01

The Council of the University of the Free State (UFS) approved the establishment of a Sesotho Language Research and Development Centre.

The centre will be established on request of the national Department of Arts and Culture and will be situated at the UFS’s Vista campus.

According to the Dean: Faculty of Humanities at the UFS, Prof Gerhardt de Klerk, the national department has committed itself to make available R1-million for the project. An amount not exceeding 3,5 percent will be paid to the UFS in payment of costs incurred in terms of the housing of the centre.

“The tasks of the centre will include the promotion of indigenous languages and terminology development; the research, development and maintenance of a terminological data base and the writing and publishing of various genres of literature in co-operation with relevant and interested parties,” says Prof de Klerk.

Other tasks include the establishment and maintenance of a language museum, outreach to the community and the mobilisation of support for the use of African languages.

“The centre will be managed by a management committee consisting of a representative of the Department of Arts and Culture, the academic registrar, head of the Department of African Languages, chief financial official of the UFS, a member of the UFS Senate, a senior lecturer/professor from the School of Languages/ Faculty of the Humanities, the head of the provincial language unit and a representative of PANSAD,” says Prof de Klerk.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
1 December 2004

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