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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

Johann swims his way to Olympics
2016-05-18


Johann van Heerden from the University of the Free State has qualified for the Paralympic Games in the swimming pool, and is now waiting to hear if he will be included in the South African team. Photo: Nadya van Heerden.

In the past couple of months, Johann van Heerden has been swimming his way to the Paralympic Games, and is still preparing as if he will be going to Rio de Janeiro.

The Kovsie swimmer, who will know whether he has been included in the Paralympic team in July 2016, feels his training is progressing well. The Olympics will be held in Brazil from 7 to 18 September 2016. If all goes well, this could be the first of several Olympics for the 20-year-old second-year Education student from the University of the Free State (UFS).

Dream year for Education student

Van Heerden (cerebral palsy), whose hero is the former Paralympic superstar Natalie du Toit, has had huge successes in the run-up to the 2016 Olympics. Among others, he was named the best senior swimmer at the Nedbank National Championships for the Physically Disabled in Bloemfontein in March 2016. At the South African Senior Championships in Durban in April 2016, he qualified for the Olympics in the 100 m breast-stroke with an A-qualifying time, and in the 50 m and 100 m freestyle with B-qualifying times.

Only three male swimmers to Olympics

However, he has to wait until the announcement of the South African Paralympic team, since only three male and three female swimmers will be selected. He will not be competing in another major event before the Olympics. “My short-term goal is to compete in this year’s Games, and, in the long term, I would like to reach even greater heights at the 2020 Games,” he said. Du Toit is an inspiration to him because “she was hard-working, and she had a lot of drive”.

Other students from CUADS also excel

At the above-mentioned National Championships, Van Heerden won a total of five gold medals (200 m medley, 100 m breaststroke, 50 m freestyle, 50 m breaststroke, and 200 m breaststroke) and one silver medal (100 m freestyle). Other students from the Center for Universal Access and Disability Support at the UFS also excelled.

Dineo Mokhosoa (cerebral palsy) won three gold medals (long jump, shot-put, and discus), while the athlete Louzanne Coetzee (blind) shattered the world record in the 5 000 m, as well as the Africa record in the 1 500 m. Juanré Jenkinson (cerebral palsy) won two silver medals (discus and shot-put) while Danie Breitenbach (blind) won two gold medals (800 m and 1500 m).

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