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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

Two from UFS heading for Rio
2016-07-18

Description: Rynhardt_Rio Tags: Rynhardt_Rio

The 800 m athlete from the University of the
Free State, Rynhardt van Rensburg, will soon
take part in his first Olympic Games in
Rio de Janeiro, Brazil.
Photo: Varsity Sports / Wessel Oosthuizen

It is the cherry on top for any sportsman or sportswoman. This is what DB Prinsloo, Director of KovsieSport, has to say about two athletes from the University of the Free State (UFS) being included in the South African team for the Olympic Games.

He says the officials and coaches at KovsieSport are extremely proud of Rynhardt van Rensburg (800 m) and Wayde van Niekerk (400 m). Although they qualified earlier, their names were read out on 14 July 2016 as part of the team of 137 athletes that will participate in Rio de Janeiro, Brazil, from 5 to 21 August.

In the footsteps of other UFS stars

They follow in the footsteps of former Kovsies like Leslé-Ann George (women’s hockey), Kate Roberts (triathlon), Johan Cronjé (1 500 m), and Frantz Kruger (discus), who represented South Africa at previous Olympics. Apart from these two, four former Kovsies were also included in the team for Rio. They are the Sevens Springbok Philip Snyman, Sevens coach Neil Powell, Chris Dednam as badminton coach and Roberts as team manager of the triathletes. Dednam also competed as a player at the Olympics. Ans Botha, the UFS sprint coach, will also accompany Van Niekerk.

“It is a highlight for any sportsman or sportswoman to be part of the Olympic Games. It is, for example, the same as it is for others to participate in a World Cup,” says Prinsloo.

Description: Wayde2_Rio Tags: Wayde2_Rio

Wayde van Niekerk

Van Niekerk shows mettle on birthday

Prinsloo is very happy for Van Rensburg, since the 24-year-old athlete has been injured for a long time and had to regain his form. On 24 June 2016, he won a bronze medal at the African Championships in Durban in a time of 1:46.15.

Prinsloo feels that Van Niekerk and Caster Semenya (800 m) are great contenders for medals in Rio. Van Niekerk, who celebrated his 24th birthday on 15 July 2016, continued his good preparation for the Olympics by trouncing his rivals on his birthday at a Diamond League event in Monaco in a time of in 44.12.

 

“It is a highlight for any sportsman or
sportswoman to be part of the Olympic Games.”










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