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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

Another L’Atelier feather in the university’s cap
2013-07-24

 

Pauline Gutter, winner of this year’s Absa L’Atelier competition
Photo: Supplied
23 July 2013

"Dagbreek: Die Dagbreker" - interview with Pauline Gutter (YouTube)

A former Kovsie won the Absa L’Atelier competition – South Africa’s most prestigious art competition – for the second year in a row.

Pauline Gutter, who completed her BA Fine Arts degree at the UFS in 2003, is the second artist from the Free State to win the competition, which is in its 28th year of existence. In 2012, Elrie Joubert, another former Kovsie student from the Department of Fine Arts, won the competition as well.

As overall winner, Gutter receives a cash prize of R125 000 and six months’ residency in the studio apartment Cité Internationale des Arts in Paris, France.

Her winning entry, Die huweliksaansoek, is an interactive work consisting of a 1.8 m high association-rich obelisk, an engraved plaque, a small TV monitor and a farm-line handset. A video of a bull standing in a crush while semen is being drawn from it, is displayed. The viewer is invited to listen in voyeuristically. The soundtrack for the text is composed of statements and comments made by participants in the programme “Boer soek `n Vrou”. The question highlighted by the work, is, “does a farmer choose his future wife in the same way he breeds his stud animals?”

Pauline says her association with the farm, principled parents and strong family ties serve as inspiration for her work. To express her artistic voice in a contemporary environment is to be a close observer of society, she says. “It’s to ask questions which confront the viewer in a provocative way.”

Her advice to new artists is “hard work, sustainability and commitment. Keep looking until you find the place where you fit in.”

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