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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

UFS centenary reaches a peak
2004-10-04

The University of the Free State’s (UFS) centenary celebrations will reach a peak next week when various functions will be presented on campus.

On Tuesday 12 October 2004 the Centenary Complex, the new prestige entertainment venue of the UFS, will be officially opened. The complex is situated on the terrain of the old Reitz dining hall and will be utilised as reception and socialising area for UFS management, staff and alumni. The DF Malherbe House forms part of this complex.

The festivities will continue the next day ( Wednesday 13 October 2004) with the premiere of a documentary programme – commissioned by the UFS as part of its centenary celebrations - about the life and legacy of King Moshoeshoe, the Basotho leader of the nineteenth century. The documentary will focus on his role in reconciliation, nation-building and bringing about peace in this region. The producer of this insightful work is the well-known journalist Mr Max du Preez. The documentary will be screened on SABC 2 later this year.

On Thursday 14 October 2004 a special honorary doctorate graduation ceremony will take place in front of the UFS’s main building. During this event 12 honorary doctorates will be awarded to a diverse group of outstanding South Africans and international experts.

The honorary doctorates will be awarded to: Me Antjie Krog, Prof Jakes Gerwel, Mr Karel Schoeman, Dr Frederick van Zyl Slabbert, Prof Saleem Badat, Dr Khotso Mokhele, Prof Robert Bringle, Prof Leo Quayle, Prof Jack de Wet, Prof Kerneels Nel (postuum), Prof Boelie Wessels and Prof Jaap Steyn.

This group of honorary doctorates is the last in a total of 18 which will be honored during the UFS centenary year.

The next day, Friday 15 October 2004 , more than 100 centenary medals will be awarded to current staff, former staff and alumni.

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

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