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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. 

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Qwaqwa Campus reopens on Wednesday 18 May 2016
2016-05-16

The Qwaqwa Campus of the University of the Free State (UFS) will reopen residences on Wednesday 18 May 2016 from 12:00 for occupation by registered students. The library and the overnight study area will also be open to students. Most staff have already returned to campus.

The campus was closed on Thursday 12 May 2016 due to disruptions and protests. The university management condemns in the strongest possible terms, the acts of violence, vandalism, intimidation, and disruption of academic activities that marred the student protests on the Qwaqwa Campus last week. The university’s maintenance team is in the process of repairing damages arising from the protests.

Strict access to the campus and its amenities will be ensured, and students and staff must carry their university access cards with them at all times.

Released by: Lacea Loader (Director: Communication and Brand Management)
Tel: +27(0)51 401 3422/2707 or +27(0)83 645 2454
Email: news@ufs.ac.za | loaderl@ufs.ac.za
Fax: +27(0)51 444 6393

 

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