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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. 

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Three OSM students selected for the 2013 World Youth Symphony Orchestra
2013-01-25


Carmi Nel

Elsabe Raath

Maja van Dyk

25 January 2013

Three students from the University of the Free State’s Odeion School of Music (OSM) have proved their mettle. Carmi Viljoen (violin), Elsabé Raath (viola) and Maja van Dyk (viola), have been accepted into the prestigious World Youth Orchestra – an orchestra known worldwide for its quality and the prix de corps itadvances between nations.

Musica Europa, an Italian cultural association, founded the World Youth Orchestra (WYO) in its present guise in 2001. It has close ties with UNICEF and its mission is to combine music with social activities from cultures all over to world in order to enrich the cultural life of all.

Rigorous auditions are held which require applicants to upload video recordings onto a website (Vimeo). An international board of adjudicators subsequently listens to these recordings and select the best.The three OSM students were good enough to make the grade.

These three musicians are also members of the Free State Symphony Orchestra, as well as the MIAGI orchestra that toured Europe successfully last year. They are also outstanding chamber musicians. Carmi and Elsabé, as members of the Junior Odeion String Quartet, have shown that they are on par with international standards and have toured The Netherlands. In 2012, Maja van Dyk had been selected to perform as soloist with the National Youth String Orchestra under the baton of Swedish conductor and violinist, Fredrik Burstedt.

They first heard of the possibility of playing for the WYO through Anmari van der Westhuizen, lecturer at the OSM. Margarite Spies from the KZN Philharmonic Orchestra (KZNPO) had contacted her in search of worthy candidates. A scant three weeks later, they received the good news of their inclusion.

The orchestra, with representatives from five continents, will be touring South Africa this year and no less than nine South Africans have been included. The tour kicks off in Durban, followed by performances in East London, Plettenberg Bay, George, Knysna, Stellenbosch, with a grand finale in the Cape Town City Hall.

Works that will be performed include ‘’Romeo and Juliet’’ by Prokofiev, the irrepressible “Carnival Overture” by Dvorák, Barber’s ‘’Adagio for Strings’’ and part of Mahler’s majestic Fifth Symphony, all under the baton of the dynamic Josep Vicent.

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