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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

SRC President to advocate for all students during term
2017-04-10

Description: ' A Pres SK Tags: Pres SK

Skhululekile Luwaca, the newly elected SRC President
on the Bloemfontein Campus.

Photo: Johan Roux

 

With a grateful heart, Sikhulekile Luwaca takes up his position as Student Representative Council (SRC) President on the Bloemfontein Campus, after the results of the election were announced on 29 March 2017.

An integrated leader

Sikhulekile, known as SK among his peers, said that as a leader, he needed to integrate himself with the student community, and from there he would have the influence to make an impact on society. “I believe in being an open-minded leader who is open to engagement and peaceful resolutions.”

SK said he would like to represent the interest of all students and invited them to raise their concerns. By the end of his term, he wanted to have achieved a number of goals, which include the integration of off-campus students and to provide a shuttle service for them. He said he also wanted to establish and launch an SRC fund. Furthermore he plans to make sure that all structures of student governance are functional, to name but a few.

2017 SRC candidates

The SRC members at the Bloemfontein Campus are:

President: Sikhulekile Luwaca
Vice-President: Surprise Manyaiyi
Secretary: Nothando Hlophe
Treasurer: Ntombi Nhlapo
Student Development and Environmental Affairs: Silindelokuhle Mthethwa
Transformation: Mathlodi Leteane
Arts and Culture: Joseph Ntebele
Sport: Nombulelo Booi
Media and Marketing: Refilwe Motsumi
Student Accessibility and Support: Donald Litsoane
Legal and Constitutional Affairs: John Modukanele
First Generation Students: Mohau Lesebo
Academic Student Council: Sekese Rasephei
Rag and Community Service: Gert Jan van der Walt
Day Residence and Commuter Student Council: Gontse Choane
Postgraduate Student Council: Mpoi Makhetha
International Student Council: Takudzwa Nyamunda
On Campus Residence Council: Natasha Kabaso
Dialogue and Associations Council: Asive Dlanjwa
Student Media Council: Puseletso Mashego

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