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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. 

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Centre for Accounting receives a grading of 1 from SAICA
2007-11-02

 

The Centre for Accounting at the University of the Free State (UFS) recently became the first university in South Africa to receive a grading of 1 during a monitoring visit of the South African Institute of Chartered Accountants (SAICA). Altogether 14 universities in South Africa are accredited with SAICA. These universities are visited by SAICA over a period of five years during which criteria are set by the South African Qualifications Authority (SAQA). Only four universities must still be monitored this year. So far most of the universities visited received a grading of 2. The centre was especially complimented in the report on its top quality lecturers and creative programme development to accommodate all students. The students at the centre reacted positively on service delivery in focus groups. Here are, from the left: Prof. Tienie Crous (Dean of the UFS Faculty of Economic and Management Sciences), Prof. Ronell Britz (Head of the UFS Centre for Accounting) and Prof. Hentie van Wyk (Programme Director of the UFS Centre for Accounting).
Photo: Supplied

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