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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

Protest actions planned for 12-14 March 2008
2008-03-13

Three protest actions will take place on the Main Campus of the University of the Free State (UFS) in Bloemfontein this week.

Although the interim court interdict granted to the UFS on 6 March 2008 is still in force, permission for the three protests was granted by the Mangaung Local Municipality and the court, in the presence of the university lawyer. Strict conditions have been set for these protest actions.

The UFS management respects the right to peaceful protest and also shares the sentiment of the protesters regarding the reprehensible Reitz video. However, strict conditions have been set for these protest actions as students are writing tests and the normal academic activities should not be disrupted.

Already the first picket protest took place today, Wednesday, 12 March 2008, by about 300 Satawu and Nehawu members. This was not a march and no memorandum was handed over.

On Thursday, 13 March 2008, Nehawu will again picket in front of the Main Building from 13:00 to 14:00. This event must be peaceful. This too is not a march and no memorandum will be handed over.

On Friday, 14 March 2008, a march of Cosatu and Nehawu will take place, starting in the city centre. The march will enter through the Nelson Mandela Drive gate and will enter the campus grounds.

However, it will be limited to the incoming lane of Chancellors Avenue from the Main Gate to the crossing with Alumni Avenue (in front of the Odeion building). Speeches will be made and a memorandum will be handed over.

It is expected that the march will reach the campus at approximately 10:00 and from then the Nelson Mandela Gate to the UFS will be closed for all traffic. The march must end by 14:00. The marchers will return to the city centre and may cause a traffic problem in Nelson Mandela Drive.

The South African Police Service (SAPS) and the UFS’s Protection Services Division will monitor all these actions. Staff, students and visitors to the campus are kindly requested to use alternative gates to the Nelson Mandela entrance on Friday. Academic activities will continue as normal this week.

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


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