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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

Chairperson of UFS Council appointed as Judge of the Supreme Court of Appeal
2016-06-17

Description: Chairperson of UFS Council appointed Tags: Chairperson of UFS Council appointed
Judge Ian van der Merwe

Judge Ian van der Merwe, Chairperson of the UFS Council, has been appointed as Judge of the Supreme Court of Appeal as from 1 July 2016. His appointment, together with that of Judge Connie Mocumie, was announced by the office of President Jacob Zuma last week.

Both judges will act in the Supreme Court of Appeal this month until their appointments come into effect next month.

“The university is excited and proud that its Chairperson of Council has achieved such great heights in the legal profession. Judge Van der Merwe brings enormous calm, deliberation and wisdom to the governance of the institution, and the UFS regards itself as privileged to have a man of his stature in the leadership of Council,” said the Vice-Chancellor and Rector, Prof Jonathan Jansen.

Judge Van der Merwe is an alumnus of the UFS and was elected as Chairperson of the Council on 20 November 2009, and re-elected on 16 November 2012. He was re-elected to serve for a third term on 11 September 2015.

Released by:
Lacea Loader (Director: Communication and Brand Management)
Telephone: +27(0)51 401 2584 | +27(0)83 645 2454
Email: news@ufs.ac.za | loaderl@ufs.ac.za
Fax: +27(0)51 444 6393

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