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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

FS Premiers Documentary Film On Basotho King Moshoeshoe
2004-10-06

The University of the Free State (UFS) will premiere a documentary film on the legacy of King Moshoeshoe, Basotho leader of the nineteenth century for his role in nation-building and reconciliation on Wednesday 13 October 2004.

The hour-long documentary film, produced by the well-known journalist Mr Max du Preez, was commissioned by the UFS as part of its centenary celebrations.

“To us this film is a practical demonstration of the UFS’s commitment to the continued transformation of the campus, and its commitment to reconciliation and nation-building. It is seen as a contribution to one of the UFS’s key strategic priorities for this year, namely diversity, equity and redress,” says Prof Frederick Fourie, Rector and Vice-Chancellor of the UFS.

“Through these priorities, the UFS commits itself to developing a shared appreciation of the history of this country and to contribute to the establishment of the Free State Province as a model of reconciliation and nation building,” says Prof Fourie.

“King Moshoeshoe was a great African statesman and leader. He was born in this region of the country, but his influence and legacy extends way beyond the borders of the Free State, Lesotho and even way beyond the borders of South Africa,” says Prof Fourie.

Earlier this year the UFS launched a project to honor King Moshoeshoe. The project included among others the production of this documentary film, the possible presentation of an annual Moshoeshoe memorial lecture that will focus on African leadership, nation-building and reconciliation and PhD-level research into the life and legacy of King Moshoeshoe and a literary anthology including prose and poetry.

According to Prof Fourie the project will enable the UFS to give real meaning to words such as reconciliation, respect for the diversity of our languages and cultures, and the unity South Africans seek to build as a democratic nation through such diversity.

The documentary film on King Moshoeshoe will be screened on SABC 2 later this year.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
6 October 2004

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