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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

Alleged attacks on students
2008-03-12

The management of the University of the Free State (UFS) notes with concern the two alleged incidents of attacks on students on the Main Campus in Bloemfontein

The one incident involves two black female students where a liquid substance was thrown at the students and the other incident involves an alleged attack on a black male student by white male students.

According to reports in the media today (Tuesday, 11 March 2008), the incidents involved students from the Reitz Residential Units. “These incidents, which happened about a month ago, occurred in the vicinity of Reitz, but at this stage I cannot say for certain that students from Reitz were involved in the alleged attacks,” says Dr Natie Luyt, Dean of Student Affairs at the UFS.

Both cases were reported to Dr Luyt and are being investigated by the university’s Protection Services Division. The cases are still under investigation.

“I am concerned about incidents of this nature and strongly disapprove of students behaving in such a manner,” says Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.

According to Prof. Fourie the UFS already is in the process of reviewing the disciplinary process for students to make it more streamlined and accessible. “The introduction of a hotline to give students the opportunity to report incidents is being considered. We are also looking at the possibility of appointing an ombudsman for diversity. The recent introduction of a system of full-time live-in residence wardens at men’s residences is also intended to improve supervision. This system will be in place shortly, as soon as the necessary accommodation has been provided,” says Prof. Fourie.

Prof. Fourie has urged students to report any unlawful incidents on campus immediately to the Protection Services Division. “If we do not have incidents on record, proper investigations cannot be conducted,” says Prof. Fourie.

Media Release
Issued by: Lacea Loader
Assistant Director: Strategic Communication
Tel: 051 401 3422
Cell: 072 207 8334
E-mail: fishera.stg@ufs.ac.za  
11 March 2008

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