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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

Kovsie singing sensation releases debut album
2017-02-16

Description:Hailey Clark, Deurmekaar Tags: Hailey Clark, Deurmekaar longdesc=

Hailey Clark, musician and
third-year BA Drama and
Theatre Arts student at the
University of the Free State.
Photo: Sonelle van Wyk.

Music was always something this singing sensation wanted to do from a very early age.

Sonet du Plessis, more famously known by her stage name, Hailey Clark, is a third-year BA Drama and Theatre Arts student at the University of the Free State (UFS). Her electronic pop debut album, titled Deurmekaar, was finally launched after a year of hard work and sacrifice.

Success in English and Afrikaans

Hailey, whose album features Afrikaans and English songs, says her music is influenced and inspired by a variety of local sounds and artists. “Dirk van der Westhuizen and Refentse – a new and upcoming artist – are two of the locals I look up to,” she says.

Reaching success at such a young age is the result of setting goals and achieving them. “Success is when you grow as a person and an artist in your music. You need to enjoy every moment of what you do and share it with other people,” Hailey says.

Future music producer and actress

With a bright future ahead of her, Hailey wants to become a full-time musician, but also wants to focus on acting, especially in films. “I want to perform as much as possible and hopefully become a music producer. I also have plans to do some acting as well.”

For all those who dream of becoming a musician, it’s hard work, Hailey says. “You have to know it is something you want to do and you have to commit to it. If it is what you want, keep focused and surround yourself with positive and encouraging people.”

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