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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 tackles identity in an unusual story-telling style
2016-07-26

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

One of the leading performers, Baanetse Mokhotla.
Photo: Thabo Kessah

The I-DENT-I-TIES project has been an enormous experience for the Qwaqwa Campus students who were part of this large-scale interdisciplinary performance project. This is according to Baanetse Mokhotla, one of the leading performers.

“I have personally learnt a lot about performing arts and also grew as an individual,” Baanetse said about the production that was part of this year’s Vrystaat Arts Festival in Bloemfontein.

This massive interactive production of the 54-member student cast utilises music, song and dance in an unusual method of story-telling. It uses live video camera feeds on two big screens as well as recorded video clips of the cast itself and members of the community, some of whom were part of the audience during the two shows staged on the Qwaqwa Campus. The cast intermittently mingles with the audience, thus allowing the latter to be part of the narrative as well.

The main story line explores issues around identity while using the famous Basotho story of ‘Moshanyana Sankatana’ as a catalyst.

Two of the capturing features are the live interviews and the narration of the animated ‘Moshanyana Sankatana’ story, creating stories within a story.

Commenting about the project, SRC President Paseka Sikhosana said that he was happy to have led the student community during this proud moment.

“I loved how this show has exposed our enormously talented performers to the world. It was magical and we need more of such to ensure there will never be a dull moment on our campus,” he said.

Sociology lecturer Sivuyisiwe Magayana said: “I-DENT-I-TIES production was fresh fun. It exhibited the fact that we should be appreciative of other's differences. It also emphasised that we should move away from subscribing to an 'in-group' and 'out-group' mentality when it comes to issues of race, sexuality and identity.”

The international creative team behind this project included a New York-based Dutch director, Erwin Maas; Vienna-based Dutch theatre designer, Nico de Rooij; Djana Covic, a Serbian performance-craft-artist based in Vienna; and South African film and stage legend Jerry Mofokeng.

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