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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

Postgraduate Open Day: Mapping the journey
2016-06-27

Description: Postgraduate Open Day 2016 Tags: Postgraduate Open Day 2016

Prospective postgraduate students listen
attentively at the Postgraduate Open Day
Photo: Charl Devenish

“Whether you are a psychologist, a theologian, an economist, a political scientist, a chemist, or a physician, the purpose of knowledge is to improve the lives of others.”

Prof Jonathan Jansen, Vice-Chancellor and Rector of the University of the Free State (UFS), was speaking at the opening of the Postgraduate Open Day, held on our Bloemfontein Campus on 22 June 2016. In addition, he highlighted these grounds for considering postgraduate studies:

•    To be globally literate and globally mobile
•    To gain the satisfaction of understanding the world more deeply
•    To serve as an inspiration to others to further their studies

Prof Fanie Snyman, Dean of the Faculty of Theology, said, “One of the benefits of postgraduate studies especially is that they enable you to think critically. This capacity helps you to understand society better—even outside your field of expertise.”

Prospective postgraduate students were assisted in selecting a suitable postgraduate degree, as a first step in mapping out their postgraduate journey at the UFS.

Kgosi Makhetha, who is currently studying a degree in Business Administration, agreed with Prof Jansen, saying, “Studying gives me great satisfaction. I truly believe that postgraduate studies will give me an edge in the current labour market.” Kgosi plans to enrol for an Honours degree in Industrial Psychology in the Faculty of Economic and Management Sciences.

Prof Jansen concluded by exhorting students to “study to make a difference.”

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