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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

Anxiety about losing a loved one to death culminates in runner-up prize at Sasol New Signatures Art Competition
2014-09-15

 

Adelheid Camilla von Maltitz
Photo: Supplied

Adelheid Camilla von Maltitz – a lecturer at our Department of Fine Arts – has been awarded the runner-up prize at the Sasol New Signatures Art Competition. Her sculptural piece, ‘Bodies’, explores the process of mourning and loss and the grey areas between life and death.

The Sasol New Signatures Art Competition is recognised as the country’s longest running art competition. The competition has kick-started the careers of some of South Africa's most prominent artists. Last year, the competition was won by another Kovsie, Dot Vermeulen.

“Personally, I experienced an intense and consistent sense of anxiety towards death, specifically an anxiety towards losing a loved one due to a road accident. This led me to wonder how an individual copes with substantial loss. During my practical research it became obvious that there are many contrasts existing in the mourning process, contrasts related to anxiety and peace,” said Von Maltitz.

The piece encourages contemplation on three levels.

At the first level, two boxes lie on the floor covered in heaped earth and ash which suggests a buried body: closed, powerless and dark. Here, Von Maltitz invites the viewer to use this space to contemplate the process of mourning and loss.

The second level offers fragmented apparitions displayed in the light boxes, commenting on the ‘grey area’ between life and death.

At the third and final level, the viewer stands between the light boxes: open, alive and powerful.

Von Maltitz is currently reading for her PhD in Fine Arts at Kovsies. Commenting on her research, Von Maltitz said that she is “also interested in comparing the use of repetitive actions – such as revisiting a grave, which seem present in the mourning process – to the use of repetition in sculptural installation.” She is also interested in the relationship between these repetitions and anxiety and relieving anxiety, either permanently or temporarily.


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