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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

National interpreter project awarded to the UFS
2008-03-07

 
A national project on the training of court interpreters was recently officially launched on the Main Campus of the University of the Free State (UFS) in Bloemfontein. It is a joint project of the UFS, the Department of Justice and Constitutional Development, and the Safety and Security Sector Education and Training Authority (SASSETA). The project includes the training of 100 court interpreters countrywide over the next two years. It was awarded to the Department Afroasiatic Studies, Sign Language and Language Practice at the UFS after all higher education institutions in the country had the opportunity to apply to undertake this project. The project is lead by Prof. Annelie Lotriet, Associate Professor in the Department of Afroasiatic Studies, Sign Language and Language Practice and an internationally renowned interpreting expert, who was also responsible for the training of interpreters for the former Truth and Reconciliation Commission. At the launch of the project were, from the left: Mr Zongezile Baloyi (Chief Executive Officer of SASSETA), Prof. Lotriet, and Prof. Sakkie Steyn (Registrar: General at the UFS).
Photo: Leonie Bolleurs

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