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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

Odeion School of Music Camerata to perform in Russia
2013-07-31

 

31 July 2013

OSM CAMERATA "Die Spokewals" by Hendrik Hofmeyr under the baton of Jan Moritz Onken (YouTube)

After a successful audition, the Odeion School of Music Camerata (OSMC) received an invitation to participate in the 13th International Conservatory Festival which will take place in St Petersburg, Russia, from 1 to 9 November 2013. The festival is a yearly highlight on the concert calendar of the prestigious Rimsky Korsakov Conservatoire.

The artistic panel of the festival, under the leadership of Prof Lydia Volchek, annually selects ten international conservatories to gather in St Petersburg for the festival. Some of the participants include the Tchaikovsky Conservatoire: Moscow, Conservatoire de Paris, Eastman School of Music NY and the Sibelius Academy in Helsinki Finland. According to the Rector of the Rimsky Korsakov Conservatoire, Prof Mikhail Gantvarg, it will be the first ever school of music hailing from Africa to participate in the festival.

The OSMC was requested to give two recitals of 40 minutes each during the festival. Maestro Jan Moritz Onken (Chief Conductor of the OSMC for 2013) will lead the ensemble to St Petersburg. OSMC members will have the opportunity to attend all concerts presented by fellow participants as well as masters’ classes presented by the masters of St Petersburg Conservatoire.

The festival is usually opened and closed with a grand concert presented by the St Petersburg Conservatoire Symphony Orchestra (70 plus members). Last year the opening concert was conducted by the celebrated master, Valery Gergiev (artistic director of the Mariinsky Opera and Symphony Orchestra), while the closing ceremony was conducted by Semyon Bychkov – reciting the Leningrad Symphony by Shostakovich. Both Gergiev and Bychkov are alumni of the St Petersburg Conservatoire.

All recitals at the festival will be presented in the Opera and Theatre Hall of the Conservatoire, as well as in the acclaimed Glazunov Concert Hall located within the colossal conservatory building.

The OSMC will recite a programme of mainly South African composers, with two new works commissioned by the OSM New Music Initiative. These were written by the prolific South African composer, Hendrik Hofmeyr: laureate of the Queen Elizabeth International Composition Competition, entitled Spokewals / Phantom Waltz and Notturno Elegiaco. Spokewals / Phantom Waltz is a challenging work where musicians simultaneously play, sing and speak.

A reworked edition for chamber orchestra of the original string quartet for piano and soprano, Liedere op Boesman-verse, by revered South African composer, Stefans Grové, will also be performed. To commemorate the centenary of composer Benjamin Britten this year, Cantus in Memoriam of Benjamin Britten by Arvo Pärt is also included in the programme.

After participating at the festival in St Petersburg, the ensemble will depart for a two-day visit to Moscow where the OSMC will perform an ’All South African’ programme.

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