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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

State of our campuses #1
2017-02-22

After yesterday’s disruption of academic activities on the Bloemfontein Campus of the University of the Free State (UFS), a memorandum was handed to the UFS management by members of the Transitional Student Council (TSC) and the Free Education Movement (FEM) in the late afternoon.

Some disruption of classes occurred last night and again today. The university management handed a response on the memorandum to student leaders this afternoon.

Contingency plans for the safety and security of staff and students are still in place and members of the South African Police Service (SAPS) are on standby. The senior leadership continues to monitor the situation with the support and assistance of the SAPS and will deploy all lawful means to minimise disruption and maintain the academic programme.

The academic programme continues as normal. Any updates will be shared on the university’s communication platforms.

A voice clip has been circulating among UFS students since yesterday. The clip did not originate from the UFS. It has been in circulation at universities in the country for at least the past 12 months. UFS staff and students should not feel threatened by the content thereof.



Disruption of academic activities: 21 February 2017

Released by:
Lacea Loader (Director: Communication and Brand Management)
Telephone: +27 51 401 2584 | +27 83 645 2454
Email: news@ufs.ac.za | loaderl@ufs.ac.za
Fax: +27 51 444 6393

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