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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

I don’t see myself as a star, says Wayde
2016-09-20

Description: Wayde and Rynhardt celebration Tags: Wayde and Rynhardt celebration

The achievements of Wayde van Niekerk and his
fellow Kovsie athlete, Rynardt van Rensburg,
at the Olympic Games, were celebrated during
a celebration ceremony for them on
15 September 2016 in the Callie Human Centre.
Photo: Johan Roux

The environment surrounding him has changed a lot over the past few weeks, but Wayde van Niekerk doesn’t see himself as superstar. The 400 m Olympic champion is embracing being back home and is feeling the love of the Kovsie family that helped him reach great heights.

“I see this (the Bloemfontein Campus) as a place where I can find peace,” the University of the Free State (UFS) athlete said at a celebration ceremony on 15 September 2016 for him and fellow Olympian, Rynardt van Rensburg. The event celebrated their achievements after participation in the Olympic Games in Rio de Janeiro, Brazil. Their coaches, Tannie Ans Botha and Derek van Rensburg, were also honoured.

Van Niekerk looks ahead
“I am always excited to get back home,” Van Niekerk said. Everybody who means something to him is in Bloemfontein and on this campus. “I thank you for believing in me. I am only 24 years old and still have quite a few years left to keep on doing what I do.” He also conducted the official opening of the new KovsieFit gymnasium in the Callie Human Centre.

According to Prof Nicky Morgan, acting Vice-Chancellor and Rector, the attendees had “Wayde fever”. “We can’t really say thank you enough – at least for the association we have had with you (Van Niekerk) over the years.”

Rynardt didn’t expect best in Rio

 “I see this (the Bloemfontein Campus)
as a place where I can find peace.”

Van Rensburg reached the semi-finals in Rio and ran a personal best of 1:45.33 in the 800 m. “If we don’t have support, we won’t be able to do this,” he said.
Although his form was improving prior to the Olympics, he didn’t expect to run a personal best. “My dad (and coach) kept believing in me and telling me it is possible to do.”

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