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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

Stained glass artist’s hard work recognised
2016-07-13

Description: Bongani Njalo Tags: Bongani Njalo

Bongani Njalo, project co-ordinator for the
Program for Innovation in Artform Development,
was recognised as one of the 200 Young
South Africans by the Mail & Guardian category
for the year 2016.
Photo: Siobhan Canavan

“I’ve used each highlight of my career as a benchmark for greater accomplishments.”

These are the words of Bongani Njalo, who was selected as one of the Mail & Guardian 200 Young South Africans together with Adv Loyiso Makapela, Junior Lecturer at the University of the Free State (UFS) Law Faculty. Njalo was recognised in the Arts and Culture category for his outstanding contribution to the art scene.

Getting to know the artist

The fine art graduate has worked on different art projects in several cities, and is currently the project co-ordinator for the Program for Innovation in Artform Development (PIAD). PIAD is a programme developed by the UFS and the Vrystaat Arts Festival, which focuses on how technology, interdisciplinary and experimental arts can connect with and impact on communities.

Aspiring artist on the move

Soon, this young artist will be on the move again, as he has been accepted into the Internal Leadership Program in Visual Arts Management at Deusto Business School, taking place in Bilbao in Spain in November and in New York next March.

When asked about the nomination, Njalo simply said: “To be honest with you, I don’t feel any differently whatsoever. I now feel I have more work I’d like to do.”

A man of many talents

Not only was Njalo an intern at the Mandela Bay Development Agency where he compiled the book entitled Art & Artists of the Eastern Cape, but he also curated the Eastern Cape Artists Exhibition at the Grahamstown National Arts Festival in 2011.

In 2012, Njalo was invited to curate a group exhibition, Beehive, for the Cape Town International Month of Photography Festival, and in 2014 he won the David Koloane Mentorship Award.

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