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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

Anonymous e-mail campaign
2008-03-14

Statement by Prof. Frederick Fourie, Rector and Vice-Chancellor of the University of the Free State (UFS)

A number of anonymous e-mails have been sent around the country the past couple of days creating a false impression about the situation on the Main Campus of the University of the Free State (UFS) in Bloemfontein.

In the e-mail reference is made to the morning of Tuesday, 4 March 2008 when incidents of intimidation by black students occurred on the Main Campus.

In the e-mail it is alleged that a white girl was attacked at the food court, her clothes ripped from her body, thrown off the Thakaneng Bridge (the university’s student centre) and that she had to run back to her residence. This is not true and if it was the case, the matter would have been reported and would have been addressed immediately.

Allegations of chaos and disorder on the Main Campus in Bloemfontein are also made in the e-mail. This is also untrue. Two peaceful protest marches, for which permission was granted, have already taken place yesterday and today (Thursday, 13 March 2008). These marches took place without any incidents.

I regard this as an anonymous campaign to whip up emotions, destabilise the campus and to instill fear among staff and students who are traumatised by the Reitz video and the repercussions thereof.

I urge parents, especially, not to allow themselves to be upset by such false rumours and e-mails.

All the university’s community, including parents, staff and students must come to terms with the Reitz video in a calm and rational way. The UFS management is intensively busy to manage this situation in the interest of the university and all its people. Academic activities are continuing as normal.


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

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