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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

UFS lays criminal charges against students
2008-02-28

Statement by Mr Anton Fisher, Director: Strategic Communication at the University of the Free State (UFS)

The management of the University of the Free State (UFS) has today instructed its attorneys to formulate criminal charges against four students who were involved in the production of an extremely offensive and racist video.

This follows other action taken late yesterday to prohibit two of the four students from the Reitz men’s residence from the campus. The other two students who can be seen in the video have since completed their studies and are no longer on campus.

Further steps are in the pipeline as the internal disciplinary procedure of the university must also take its course.

The Rector and Vice-Chancellor of the UFS, Prof. Frederick Fourie, has condemned the video and the gross violation of human rights that it portrays and has promised to deal swiftly and firmly with this matter.

This morning Prof. Fourie met personally with the workers who were tricked into taking part in the video and apologised to them face to face. Counselling is being arranged for the workers.

The management has also suspended lectures today in a proactive step to allow the emotions of staff and students to calm down. Lectures will resume tomorrow (Thursday 28 February 2008).

This follows a protest march earlier today against the extremely offensive and racist video which shows white students staging a mock “integration” of black workers in the residence.

After the march the management received memoranda from student organisations and two trade unions, NEHAWU and UVPERSU, about the video.

The students and the unions have made certain demands that the management will consider and respond to as soon as possible.

While the march proceeded peacefully, there have been sporadic incidents of intimidation and damage to property. Five students were arrested.

Prof. Fourie has appealed to students to act in solidarity with the management against the scourge of racism and to support the UFS in its policy to integrate student residences.


Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za  
27 February 2008
 

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