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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

A guide and a friend
2016-12-12

Description:Khothatso Mokone  Tags: Khothatso Mokone  longdesc=

Louzanne Coetzee and Khothatso Mokone.
Photo: Charl Devenish

Behind every successful Paralympic athlete is a guide, and behind blind athlete Louzanne Coetzee is none other than former Kovsie student Khothatso Mokone.

Mokone, who is a sports journalist and freelance photographer, says he is not entirely sure that his busy schedule is very balanced, but he tries to ensure he squeezes as much as possible into his day. One thing he always makes time for is his training. “As a young person, I try to take every opportunity that comes my way,” he says.

This young runner, who has been Coetzee’s guide for the past eight months, says that every race they have run together thus far has always been better than the last. “The partnership grows harmoniously every day. We talk about almost everything there is, not only running,” Mokone says.

Mokone guided Coetzee in the 1 500m of the Paralympics in Rio de Janeiro in September this year when she was disqualified. 

Mokone, who loves comedy and Dubai, is inspired by SAfm journalist and presenter Ashraf Garda. “He talks a lot about current issues that affect our country and I like his style of presenting. He is a good orator.”

Something people may not know about him is that he always walks around hopeful that the best is yet to come. “When I walk down the street, I walk with confidence and people think I have made it in life not knowing that I only have hope for a better tomorrow,” he says.

Although he is not yet as successful as he would like to be, Mokone encourages the youth to “open their eyes and ears to set realistic goals and work with patience to achieve each goal, whether short or long term”.

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