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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

Graduates encouraged to emulate the greats
2016-07-06

Description: z 2016 Winter grads Tags: z 2016 Winter grads

The University of the Free State Winter Graduation ceremonies
took place on 29 and 30 June 2016 on the Bloemfontein Campus.

Photo: Johan Roux

Trevor Manuel and Max du Preez among the recipients of honorary doctorates at UFS graduation 

Take up the challenge, make things happen, and emulate the greats. This was the overwhelming theme of messages from speakers to graduates at the Winter Graduation ceremonies of the University of the Free State (UFS).

According to Prof Joel Samoff, Professor in Africa Studies at Stanford University (USA), the graduands are the “new generation of analysts, researchers, and practitioners”, and should “assume the responsibility for keeping your senior colleagues on a productive path.” Prof Samoff, who received an honorary doctorate from the UFS on 30 June 2016, was the guest speaker at the afternoon graduation ceremony on 29 June 2016.

The UFS awarded a total of 482 Master’s and doctoral degrees on 30 June 2016 – 53 doctorates and 429 Master’s degrees – in the Callie Human Centre on the Bloemfontein Campus. On 29 June 2016, diplomas were awarded in the School of Financial Planning Law, as well as certificates and diplomas in education on the South Campus.

“You are smarter
than you think.
Smarter than other
people think you
are, and smarter
than the country
thinks you are.”


Rise above South African standards


According to Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, South Africans have become use to a low standard of human decency, entertainment, and academics. He encouraged the graduates to rise above it.

“You are smarter than you think. Smarter than other people think you are, and smarter than the country thinks you are.”

Make impact like honorary doctorates


Dr Khotso Mokhele, UFS Chancellor, asked the recipients of honorary doctorates, Prof Samoff, Max du Preez, Trevor Manuel and Dr Reuel Jethro Khoza, and of the two Chancellor’s medals, Antony Osler and Marguerite van der Merwe (née Osler), to face the graduates at the morning ceremony on 30 June 2016. “I challenge you to look at them and to emulate them,” he said. “May it transform you to be like them in 10, 15 or 20 years.”

Dr Mokhele thanks Prof Jansen as leader


Dr Mokhele made special mention of Prof Jansen, who will step down as Vice-Chancellor and Rector on 31 August 2016, as these were his last UFS graduations. He thanked Prof Jansen for his major contribution to transformation at the UFS. “You are not only a Vice-Chancellor, but also a project leader,” Dr Mokhele said.

 

Click here to see a photo gallery of the graduations.

Click here to see a list of distinctions and special awards.

 

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