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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

FF Plus court case against UFS withdrawn
2007-10-23

The University of the Free State (UFS) is pleased to announce that a Supreme Court application to have the racial integration of its student residences set aside has been withdrawn unconditionally by the Freedom Front Plus (FF+). The political party has offered to pay the assessed costs of the UFS.

The Rector and Vice-Chancellor of the UFS, Prof. Frederick Fourie, welcomed this decision by the FF+, saying all energy should now be focused on making a success of this very important nation-building initiative in the student residences. “We have been convinced all the time that we had followed a fair and inclusive consultation process which led to a thorough and well-considered decision by the Council,” he said.

The decision to integrate student residences as from January 2008 was approved by the UFS Council on 8 June 2007. This last decision was confirmed by the Council – which is the highest decision making body at the UFS -  on 14 September 2007 with an overwhelming majority, with only one vote against.

“There is now no legal obstacle to student participation in the work being done to implement Council’s decision. In fact I want to urge all students in our residences to play an active role in implementing Council’s decision,” he said.

According to Prof. Fourie much work has been done in preparation for the intake of first-years into the residences in January 2008.

Since the initial decision of 8 June 2007, the Vice-Rector: Student Affairs, Dr Ezekiel Moraka, has been leading a team of staff members and student representatives who are doing work in various sub-task teams.

“One of the main reasons for working in this way through sub-task teams, is to ensure the widest possible participation of the affected students in the implementation of the Council’s decision,” said Prof. Fourie.

These sub-task teams are working on aspects of residence life in order to make the racial integration of residences as successful as possible. These aspects of residence life include, among others:
 

  • governance structures
  • traditions and character of residences
  • diversity education and training
  • security
  • placement and recruitment

“This list is not exhaustive, but merely to illustrate the kinds of areas being looked into. I would like to encourage all students in residences to make an input into the work of these sub-task teams through the primes, the Student Representative Council (SRC) or through the offices of the Dean or the Deputy Dean of Student Affairs.

“We have already begun to implement an interpreting service at the house meetings of three ladies residences, namely Emily Hobhouse, Roosmaryn and Vergeet-my-nie. From next year this service will be extended to other residences on the Main Campus,” said Prof. Fourie.  

“In the light of withdrawal of the court case, I am appealing to all students in our residences, to join hands with fellow students and with management in creating a campus of respect and appreciation for all languages, cultures and backgrounds,” he said.

“We want our students to assist the UFS in successfully managing the rich diversity on this campus, particularly in its student residences, and in so doing become an example to South Africa of a truly non-racial, multi-cultural and multi-lingual campus, where students are appropriately educated for the workplace,” Prof. Fourie said.


Media release issued by:        
Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za

23 October 2007

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