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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

Second book by UFS alumnus celebrates his mother
2016-06-06


Twice an author: Ace Moloi,
author of Holding My Breath.
Photo: Eugene Seegers

Ace Moloi, author of Holding My Breath, describes his memoir as a graveside conversation with his late mother. In the book, he lays bare the intimate details of his life from childhood to his journey as a student at the University of the Free State (UFS).

“It is a letter to my mother that I wrote to celebrate her but also to tell my story. So you will find that it speaks about the strength of motherhood and at the same time it talks about the life struggles of a young black South African,” said the second time author.

The UFS alumnus’ first book - a fable entitled In Her Fall Rose a Nation - was published in 2013 while he was still a final-year Communication Science student at the university. Moloi’s second volume was launched on 3 June 2016 at the Bloemfontein Campus.

Growing up in the small village of Sekgutlong in Qwaqwa, Moloi dreamt of being many things - a radio presenter, a soccer player, and a writer. The writer in him soon took precedence over the sportsman and radio anchor. Because his mother did not live to see her son reach his many milestones, Moloi has dedicated Holding My Breath to her memory and as a belated Mother’s Day present.

Moloi’s writing accomplishments include winning the Young Writers SOMAFCO (Solomon Mahlangu Freedom College) Trust National Essay-Writing Competition in 2012, being selected as a runner-up in the Beyers Naudé essay writing competition in the same year, and being nominated for the Top 10 Human Rights Desk Essay Competition in 2014. Now he can add being published by BlackBird Books, an imprint of Jacana Media.

The young author said to have been “humbled” by the reception his book received at its official launch on 1 May 2016 at the Kingsmead Book Fair in Johannesburg.

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