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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

OSM students off to Canada and Belgium
2016-07-01

Description: 001 OSM Naledi Lux Tags: 001 OSM Naledi Lux
Naledi Dweba will have the opportunity to
take part in tutorials such as reed making
and instrument adjusting when attending
the Belgian Clarinet Academy.

Photo: Supplied

Although he is only a first-year student at the Odeion School of Music (OSM), he will learn from, and share his knowledge with, the best in the world. Tuhafeni Michael from the University of the Free State has been selected for an international choral music residency at the Kokopelli Choir Association in Edmonton, Canada during June-July 2016.

Michael and Naledi Dweba are two OSM students that will enhance their skills abroad. Dweba, one of Danré Strydom’s clarinet students, has received a scholarship to attend the 2016 Belgian Clarinet Academy in Ostend, Belgium from 6-12 July.

Guest speaker at celebrations


Apart from receiving extensive training as choral conductor, Michael will also serve as a guest speaker during the Kokopelli Choir Association 20th anniversary. He will teach choral music from his native Namibia.

After the residency, he is expected to serve as an ambassador for the Kokopelli Foundation in Southern Africa. Apart from sharing his skills, he will also assist in recruiting new talented students, and act as mentor to other aspiring choral conductors.

“I’m hoping to really learn from some of the best choral conductors of our times, as well as from fellow students attending the course,” says Michael.

Masterclasses in rest of Europe


Dweba’s scholarship provides a week-long, intensive immersion in clarinet. Individual students receive at least 3 intensive private lessons, and participate in clarinet ensembles, receive chamber music coaching, observe and perform in masterclasses. The main instructors of the event will be Robert Spring (Arizona State University), Eddy Vanoosthuyse (Brussels Philharmonic Orchestra), and Deborah Bish (Florida State University).

After the scholarship, he will attend masterclasses in Germany and the United Kingdom.


 

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