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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

Khayalami residence launches first in-house library
2016-04-21

Description: 2016 KL News Khayalami library  Tags: Khayalami residence launches first in-house library in the country
Bongani Mtotoba (left) and Sinoxolo Gcilitshana (right) at the first-ever 24 hour in-house library at Khayalami residence. The librarian and Deputy Residence Head respectively hope to revive the culture of reading on our Bloemfontein Campus.
Photo: Valentino Ndaba

“It is said that reading means to the brain what exercise means to the body. For that reason, we want to bring back the culture of reading to our students who are, after all, the future replacement of the leadership of our wounded and broken country,” said Sinoxolo Gcilitshana, Deputy Residence Head, and Prime of Khayalami.

Titles such as A Life Ever Lasting by Miranda Hearn, To Live Free by William Wilberforce, Powers of Darkness Powers of Light by John Cornwell, and Character Counts by Charles Dyer are among the 228 inspirational books on the shelves of Khayalami residence’s library. Tuesday 12 April 2016 was a proud moment for the residence as it launched the first library in the country located within a university residence on the Bloemfontein Campus of the University of the Free State.

Last year, Dimpho Jasa, a resident at Khayalami, approached Sinoxolo, who then held the Residence Committee (RC): Academics portfolio, with an idea of forming a book club. Sinoxolo had suggested that a library be established in order to make the book club sustainable. That conversation served as a foundation of the 24 hour in-house library.

“We started with five books last year,” said Sinoxolo, “and ever since we sent the message out, the Vice-Chancellor and Rector, Prof Jonathan Jansen has been supporting us together with the Vice-Rector, Prof Nicky Morgan, as well as the Dean of the Faculty of Education, Prof Sechaba Mahlomaholo, and the Head of the Department of English, Prof Helene Strauss.”  

Now, more than 170 young men have access to a growing library that is expected to hold 1500 books by September, when Sinoxolo steps down as the Prime. According to Bongani Mtotoba, the RC: Academics and librarian, some residents have made pledges to help expand the collection. “The response has been quite positive from the guys,” he said.

Borrowers are required to submit a book review upon returning the book. This feedback will be compiled by the English Department into a book available to the public.

Khayalami’s pioneering spirit has also seen the residence run a successful writing competition in 2015. It has since been introduced to the rest of the East College, and now will take place annually.  

For more information on how to donate books or enter the writing completion, contact Sinoxolo on 0783332203 or semsinoxolo@hotmail.com.

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