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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

Meet our Council: Loraine Roux – a proud Kovsie ambassador
2016-07-01

“I strive to represent the alumni
actively as an interest group,
and to help build the university
through sound business principles.”

Loraine Roux (née Kriek), former President of the Student Representative Council, was elected to the Council of the University of the Free State (UFS) in 2012. This former Kovsie made her mark at the UFS. Many staff members and former students will remember her as the beautiful brainbox, who achieved success in so many different areas of student life and humanity.

Loraine’s studies


Her journey as a Kovsie started as finalist in the prestigious Matriculant of the Year competition. Later, she obtained a Bachelor’s degree in Consumer Science at the UFS. Loraine, a born leader, was also Prime of Soetdoring residence, and remains the only student in the history of the university to be chosen as SRC President, Rag Queen, and Dux student in the same year.

After university

The Kriek family are all stalwart former Kovsies, with three generations – Loraine, her late grandfather Johan Kriek, and godparents, Rhyno and Mariette Kriek – having served on the Student Representative Council. So, it is no surprise that a leading firm like Deloitte & Touche noticed Loraine’s unique talent and leadership skills, and snatched her up for their CEO Bootcamp immediately after university.

Serving on the UFS Council


Currently, she is part of the team that is extending Deloitte & Touche’s ethical and fraud prevention services across Africa and Europe. She also uses her expertise and experience in risk management, ethical practice, and good corporate governance for her role as UFS councillor. As part of her duties as Alumni representative in the Council, she serves on the Naming Committee, as well as on the Audit and Risk Committee.

“It is a great privilege for me to serve on the Council, but it is also a great responsibility,” she says. “I strive to represent the alumni actively as an interest group, and to help build the university through sound business principles.”

Loraine married Gabriel Roux in 2014, and the couple live in Stellenbosch.

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