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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

UFS awards honorary doctorates during spring graduation ceremony
2004-09-20

The University of the Free State (UFS) will award three honorary doctorates this week during its spring graduation ceremony.

The graduation ceremony will take place on Wednesday 22 September 2004 and the honorary doctorates are Dr Calvin Seerveld (D Phil (hc), Prof YK Seedat (MD (hc) and Dr Mary Seely (D Sc (hc).

“The doctorates come from a wide spectrum of specialty fields and serve as proof of the UFS’s policy to give recognition to people who stand out and make a difference,” says Prof Frederick Fourie, Rector and Vice-Chancellor of the UFS.

Dr Calvin Seerveld (D Phil (hc) will receive an honorary doctorate for his academic leadership at the Institute for Christian Studies in Toronto and the wide international recognition he has received throughout his career in various subject areas, eg philosophical aesthesia, the theory of art, the methodology of the description of the history of art and continental philosophy.

Prof YK Seedat (MD (hc) will receive an honorary doctorate for his extraordinary contribution to medicine in South Africa. His research in the field of hypertension in blacks received international recognition and significantly contributed to the understanding of the pathophysiology of this condition.

In the mid-eighties Prof Seedat was instrumental in supporting the bid from the Faculty of Medicine at the University of the Orange Free State (UOFS) to host the first Colleges of Medicine of South Africa examination in Bloemfontein. This started a tradition that is still being maintained. Prof Seedat is a researcher at the Faculty of Health Sciences at the University of Kwa-Zulu Natal.

The Executive Director of the Desert Research Foundation of Namibia, Dr Mary Seely (D Sc (hc)), will be honored for the impact she has made on the development of environmental management in the drier parts of the southern African subcontinent. Though her research has been concentrated in Namibia, she has affected the professional lives of large numbers of ecologists, environmental scientists and environmental managers.

According to Prof Fourie the three doctorates form part of the greater group of 18 who will be honored by the UFS during its centenary year. The last group will be receiving their honorary doctorates in October 2004.

 

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

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