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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. 

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Farewell to the Class of 2015
2016-12-07

Description:Class of 2015 Tags: Class of 2015 longdesc=


Some of the students from the Class of 2015

The First Year Leadership for Change programme (F1 L4C) hosted its final graduation ceremony for the class of 2015.

Launched in 2010, the programme gives first-year students international exposure to top universities across the world, providing invaluable opportunities to explore the concepts of transformational leadership, global citizenship and social cohesion.

The 32 students and six staff mentors visited various universities which included, New York University, Rutgers University, Edmonds Community College and Washington University ­- all in the US, Mahasarakham University in Thailand and Vrije University in the Netherlands.

Making a change through critical thinking

Pura Mgolombane, Dean of Student Affairs at the University of the Free State (UFS), challenged the students to think about making a change and to critically think about themselves and how they see the world.

The graduation function, which took place on 16 November 2016, saw the class of 2015 come together to celebrate their accomplishments over the year and allowed the class representative, Tammy Fray, to reflect on all of the valuable lessons learnt.

Special announcement to end the evening

Throughout the evening, representatives from previous years testified to the impact the programme had on their personal development, leadership pathways and their learning communities. The audience was charmed with a song by Stefan Lotter, current chair of the F1 Fellowship Association, and the Delicate Artistry Band.

The evening ended with a special word by Prof Nicky Morgan, acting Rector of the UFS, who convinced by alumni’s testimonies, acknowledged what the exceptional programme had delivered over the past six years. Although it was at the end of its lifetime, he said that in review, ideas emerging from the programme should be explored to give birth to something new.  Watch this space!

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