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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

Biggest Bloemfontein art project comes to life
2016-07-11

Description: It’s My City Giraffe Tags: It’s My City Giraffe

Three sculptures in different places
in Bloemfontein will form part of
It’s My City, a large-scale public art
project from 8 to 16 July 2016
alongside the Vrystaat Arts Festival.
Photo: Xany Jansen van Vuuren

One of the biggest art projects Bloemfontein has ever seen. That is how Angela de Jesus, curator of the Johannes Stegmann Art Gallery at the University of the Free State (UFS), describes It’s My City. And the large-scale public art project involves the community of Bloemfontein/Mangaung’s participation.

The artwork, conceived by British artist, Alex Rinsler, will be on display from 8 to 16 July 2016, alongside the Vrystaat Arts Festival. Three sculptures, a Baby Giraffe, Mother Tree and Toy Windmill, each about 7.5 metres, will appear in Hoffman Square, Mapikela Square in Batho location, and on the Red Square of the UFS Bloemfontein Campus respectively.

Many from around the city included


Local lead artists – Marius Jansen van Vuuren (Baby Giraffe), Tshiamo Art and Crafts Development (Mother Tree), and Minè Kleynhans (Toy Windmill) – expressed their relationship to the city. According to De Jesus, the project includes “six artists; more than 20 job opportunities were created; and there were skills transfer for many more. Over 50 volunteers, 100 professionals, and hopefully thousands will take part.” It’s My City is the signature 2016 project of the Programme for Innovation in Artform Development, a partnership between the UFS and the festival, supported by the Andrew W. Mellon Foundation and the municipality of Mangaung.

People can connect in positive way

“What most excites me is that this work will create imagery that loads of people can connect with in a positive way, and write a new story,” says Rinsler. According to the public artist and cultural producer, people are invited to visit the sculptures, write down their wishes for the city and those they love, and add them to complete the artworks.

Sculptures meet each other at ceremony

On 16 July 2016, the sculptures will be led by three processions, convening at the Macufe village (corner of Elizabeth and Markgraaff streets). At 17:30, a short ceremony, free to attend, will follow where they will be dismantled in spectacular fashion, with graceful fire and pyrotechnics, and so bringing together many people’s wishes as one.

Photo Gallery
For more information visit the It's My City website
Click here for a press release about the project



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