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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

I-DENT-I-TIES to shine at the Free State Arts Festival
2016-07-08

Description: I-DENT-I-TIES  Tags: I-DENT-I-TIES

Erwin Maas with members of the student cast from the
Qwaqwa Campus. They are, from left: Mpho Xaba,
Lebohang Molefe and Tankiso Mofokeng.

Imagine this: A student cast from a rural campus; Production team consisting of a New York-based Dutch director, a South African screen and stage legend, a The Hague/Vienna-based Dutch theatre designer, and a Vienna-based Serbian performance-craft-artist and designer.

This sounds like a far-fetched flight of the imagination. But it is real and it is called ‘I-DENT-I-TIES’, a large-scale interdisciplinary performance project with international theatre professionals and students from the University of the Free State’s (UFS) Qwaqwa Campus.

According to the  director of the project, Erwin Maas, the production explores the ‘dents’ and ‘ties’ of both individual and communal identification and distinctiveness and does this through the famous Basotho story of ‘Moshanyana Sankatana’ as a point of departure.

“We explore questions like ‘what are dents in our society as well as in ourselves’, ‘what ties me to who I really am and who I want to be’, ‘what does it mean to be me’, ‘what does it mean to be South African’,” said Maas, who has been working on this project since last year.

The production also celebrates personal, communal, and universal narratives and identities through song, dance, story-telling, and music. It explores the past, the present, and the future.

“This production will certainly reveal an extraordinary journey into what makes us unique and binds us together,” he added during the rehearsals that started in May at the Qwaqwa Campus.

Maas has teamed up with a well-known South African film and stage legend, Jerry Mofokeng, as consultant. Mofokeng, who introduced Maas to the ‘Sankatana’ story, has featured on a number of critically-acclaimed films that include ‘Cry, The Beloved Country’ as well as the Academy Award-winning ‘Tsotsi’. Maas has also worked with the Hague/Vienna-based Dutch designer Nico de Rooij and Djana Covic, a Vienna-based Serbian designer.

The production is a partnership between the UFS Student Affairs, Vrystaat Arts Festival, the Programme for Innovation in Artform Development, and the Kingdom of the Netherlands in South Africa. It will premiere at the Free State Arts Festival, held in Bloemfontein from 11 to 16 July 2016. This will be followed by a performance at the Qwaqwa Campus on 19 July 2016.

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