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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

Young dynamic lawyer in the Mail and Guardian Top 200
2016-06-27

Description: Adv Loyiso Top 200 M and G Tags: Adv Loyiso Top 200 M and G

Adv Loyiso Makapela
Photo: Stephen Collett

Each year the Mail and Guardian produces a special report on that year’s top 200 young South Africans who inspire, have talent, and drive. This year, we celebrate one of our own, Adv Loyiso Makapela, who has been nominated as one of the top 200 Mail and Guardian Young Achievers of 2016 under the category of Education. Loyiso is an outstanding academic, lecturer and mentor. At age 27, she is the youngest lecturer in the Faculty of Law.

With two Master’s degrees under her belt, she has been awarded the Desmond Tutu Doctoral scholarship by the National Research Foundation and will commence her PhD at both the University of Stellenbosch and Vrije Universiteit in Amsterdam July 2016. With a keen focus on research, she has presented papers and chaired sessions at various conferences locally and internationally in, for example, the United Arab Emirates and Greece, and in Oxford, England.

“The fact that I was nominated under the category ‘Education’ is undoubtedly one of my proudest achievements to date, because there is nothing I am more passionate about and love than the education of young South Africans, particularly women. This is only the beginning, and I hope my story and accomplishments will inspire others to walk out in determined pursuit of their goals and dreams,” said Loyiso.
She is in the final stages of launching a lifestyle website that aims to engage young and ambitious South African women, titled “Young Women of Power”. Through this platform, Loyiso hopes to bring together influential women in business and politics, to empower and enlighten younger women.

The Mail and Guardian Top 200 Young South Africans have, over the years, positioned themselves as leaders in their fields and gained local and international acclaim. The selected 200 will be announced later this month.



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