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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 strengthens links with Japan
2008-03-04

 

The University of the Free State (UFS) has strengthened strategic links with Japan in various areas of research in the fields of material and nano sciences, as well as biotechnology. Joint funding opportunities for research were discussed with the Japan Society for the Promotion of Science, the Japan International Cooperation Agency, the Tokyo University of Agriculture and the Tokyo Institute for Science and Technology. A framework for extended co-operation and research support was also developed and will be finalised during the 2nd SA-Japan University Forum meeting in Cape Town in April 2008. This follows the recent visit of the Head of Internationalisation at the UFS, Dr Aldo Stroebel, to Japan. His visit was facilitated by the ambassador of SA to Japan, Dr Ben Ngubane. Pictured from the left are: Dr Ngubane, Dr Uri Ofir (advisor to the Ambassador) and Dr Stroebel.
Photo: Supplied

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