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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

‘Africa’s Many Liberations’ seminar series launched
2016-05-11

Description: Seminar Series Tags: Seminar Series

The Africa’s Many Liberations seminar series, presented on the Bloemfontein Campus of the University of the Free State (UFS), is a direct response to some of the demands made by the #MustFall campaigns during the past year. A constant refrain among activists has been that the curriculum must be ‘decolonised’, and that it should have stronger foundations in African experiences. This seminar series aims to deepen understanding of histories and anti-colonial struggles, including those waged worldwide today.

It was conceived to deepen students’ knowledge of African and South African history, and to help them to engage with ideas from the diaspora and anti-colonial struggles elsewhere. It was planned as a popular seminar for students across faculties. For this reason, the series strives to avoid language or literature that might exclude students from disciplines outside of historical, sociological, political, and cultural studies.

The series is convened by the International Studies Group (ISG), in association with the Institute for Reconciliation and Social Justice (IRSJ). The coordinator is Prof Neil Roos (associate professor of history in the International Studies Group, and co-director of the Vice-Chancellor’s Prestige Scholars Programme).

Prof Roos presented the first seminar, entitled Du Bois and the ‘Problem of the Colour Line’ on Thursday 28 April 2016. The next theme under discussion will be Fanon and the Relevance of Personal and Collective Decolonisation in Today’s South Africa, which will be presented by Dr Tinashe Nyamunda.

The remainder of the eight-part series will be presented by Dr Rachel Hatcher (postdoc in the IRSJ), Dr Sahar Sattarzadeh (postdoc in the IRSJ ), Dr Ivo Mhike (postdoc in ISG), Busi Ntsele (lecturer in sociology), Leigh-Ann Naidoo (doctoral student and activist, University of the Witwatersrand, South Africa), and Prof Richard Pithouse (associate professor in politics, Rhodes University, South Africa).

Date: Thursday 12 May 2016
Time: 16:30
Venue: Albert Wessels Auditorium, Bloemfontein Campus
Entrance is free
RSVP: sattarzadehsd@ufs.ac.za

Seminar series programme

 

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