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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

White Horse to bring enchantment to Free State Arts Festival
2015-07-09

White Horse Project: Concept, Jess Oliveiri & Parachutes for Ladies; Project Manager, Mandi Bezuidenhout; Video, Louis Kruger; Costume, Lesiba Mabitsela; Performers, Gali Malebo, Chris Kleynhans, Busisiwe Matutu, Johandi du Plessis, Elrie du Toit.

A University of the Free State (UFS) and Free State Arts Festival initiative, the Programme for Innovation in Artform Development (PIAD/PIKO) has worked together with Australian artist, Jess Olivieri (Parachutes for Ladies), to bring visitors and spectators the fantastical and mythical White Horse. The UFS has served as home for the festival for a number of years, and is pleased to take part in bringing this communal project to the arts community that will gather at the annual festival.

The White Horse project begins Sunday 12 July 2015 at 15:00 at the Tweetoringkerk in Bloemfontein, launching the arts festival, while capturing the interest of many members of the Bloemfontein community as well as that of the UFS. The project itself will consist of about 200 members of the local community coming together for workshops in which they will be “reimagining” the White Horse. Olivieri will lead the workshops, which she also developed, assisted by Gali Malebo.

“The White Horse project sits within the contested nature of the White Horse - it is in this in-between space that new mythologies and narratives will be told. The project addresses, celebrates, reconfigures, and allows space for multiple narratives.  Given the debate on statues and symbols, the White Horse offers an opportunity to re-purpose and re-imagine symbols in Bloemfontein,” said Olivieri.

Photograph by David Goldblatt, Sculpted by Kagiso Pat Mautloa, a memorial to those who died while in the detention of the Security Police in this building formerly known as John Vorster Square, now Johannesburg Central Police Station. 27 February 2012, Silver gelatin print on fibre based paper, 98 x 120cm

The White Horse project is supported by the Australia Council for the Arts, Free State Department of Sport, Arts, Culture and Recreation, SituateART in Festivals, Salamanca Arts Centre, Arts NSW, NAVA, Creative Partnerships Australia and the University of Sydney.

Spectators can also look forward to the work of major artists including David Goldblatt’s photographic exhibition titled Structures of Dominion and Democracy at 20:00 on Monday 13 July 2015 at the Johannes Stegmann Art Gallery. In this exhibition, he has photographed everyday sites that contain historical narratives.

Work from other artists at the Arts Festival include Blowing in the Wind (19:00 on Monday 13 July 2015 in the Centenary Gallery), curated by Carol Brown, which is an exhibition that delves into issues of environmental and human exploitation. Angela de Jesus, curator of the UFS Johannes Stegmann Art Gallery, will be curating, [my] PLEK | PLACE (18:30 on Monday 13 July 2015 in the Scaena foyer), in which the artists explore location, space, site, and/or ownership.

The Free State Arts festival begins on 13 July 2015.

 

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