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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

Racial integration at student residences at the UFS
2007-07-25

The University of the Free State (UFS) takes note of the memorandum handed to the management by representatives of the Freedom Front Plus this morning (25 July 2007) on the Main Campus in Bloemfontein.

According to the Vice-Rector: Student Affairs, Dr Ezekiel Moraka, the UFS management will thoroughly discuss the memorandum at their next meeting.

Dr Moraka said the point of departure of the new guidelines is for students to learn to embrace diversity and to develop an appreciation for the humanity of their fellow students.

As far as consultation is concerned, Dr Moraka said that the affected students and student leaders were consulted. This includes groups such as the Student Representative Council (SRC) of the Main Campus, residence primes, residence heads and student organisations such as the Freedom Front Plus Kovsies and Sasco.

It nevertheless seems that there is still no agreement on this matter and the UFS management will give attention to this.

About the integration of residences Dr Moraka said the UFS management is convinced that this decision is in the educational and career interest of students.

The management would not like to exclude interest groups. Therefore students, alumni and other interest groups can still make an input to make a success of the implementation of the guidelines.

Media release
Issued by: Lacea Loader
Media Representative
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs..ac.za
25 July 2007
 

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