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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

Cohesions and Disruptions Forum
2014-07-15

 
The Institute for Reconciliation and Social Justice at the UFS and the Johannes Stegmann Art Gallery, in partnership with the Vryfees, co-presented an artist and academic forum on 18 July 2014.

The forum, ‘Cohesions and Disruptions: Art as a Key to Transformation’, was aptly timed to coincide with Mandela Day. This event formed part of the transformation strategy of the Vryfees arts festival, aiming to support more diversity and cross-cultural, contemporary art programmes.

“Cohesions and Disruptions is part of the new Program for Innovation in Artform Development (PIKO/PIAD),” said Adri Herbert, Director of the Vryfees. “This includes both the cross-cultural OPENLab 2014, a new Australian/South African laboratory for early and mid-career South African artists, and a partnership with the Australian based SituateArt in Festivals initiative, managed by Salamanca Arts Centre in Hobart, Tasmania.”

The forum’s keynote speaker was Lee-Ann Tjunypa Buckskin. She is a Narungga, Wirangu, Wotjobaluk woman from South Australia and Victoria respectively. She is well known throughout the Aboriginal and Torres Strait Islands and broader arts communities. Buckskin’s presentation was titled ‘Building Young Indigenous People’s Lives through Art and Culture in Remote Central Australia.’

Buckskin spoke broadly about her involvement with youngsters – often poverty stricken and sniffing petrol – in remote areas of Australia. She explained how the arts have given the youth a chance at rehabilitation and hope for the future.

After her presentation, she was joined by Dr Willy Nel, lecturer at the UFS School of Education Studies. Dr Nel completed his PhD among the Khomani San in the Kalahari. 

Other forum speakers who presented their work included:
Dr Mari Velonaki, Director of the Centre for Social Robotics at the National Institute for Experimental Art at the University of New South Wales, Sydney;
Dr Nigel Helyer of Sonic Objects; Sonic Architecture, Sydney;
Bec Dean, Curator at Performance Space, Sydney;
Jesse Olivieri, co-founder of Parachutes for Ladies in Sydney; and
Cigdem Aydemir, Vryfees visual artist for 2014.

“Given the histories and present experiences of human rights violations and racial discrimination that indigenous people in Australia and South Africa are subjected to, we are particularly honoured to have Lee-Ann (Buckskin) as a guest speaker,” said Prof Andre Keet, Director of the UFS Institute for Reconciliation and Social Justice. 


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