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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

Innovation the focus of 28th Sophia Gray Memorial Lecture
2016-09-06

Description: Stratford furniture design Tags: Stratford furniture design

Stratford never lost his passion for designing
furniture. Pictured here is some of his furniture
exhibited at the Oliewenhuis Art Museum.
Photo: Francois van Vuuren: iFlair Photography

Al Stratford, designer, inventor and architect, presented the 28th Sophia Gray Memorial Lecture on 25 August at the Reservoir at the Oliewenhuis Art Museum in Bloemfontein. The event, hosted by the Department of Architecture at the University of the Free State, was also the opening of an exhibition of Stratford’s work.

In his career of 40 years, Stratford has patented many products and won several awards in industrial design and architecture. He is known in South Africa for his development of innovative building technology such as the Winblok Precast Concrete Window System. In 2009 and 2010, he also served as president of the South African Institute of Architects.

The title of his lecture was: Reductive Innovation in Architecture. Throughout his career, Stratford endeavoured – through his designs and inventions – to apply the principle of “reduction” to the building material he used and technology he examined.

Stratford designs and builds smart buildings
Stratford says a home is the paradigm of self-expression. His career as architect started with the building of five houses in Gonubie, near East London. Everything he knew about architecture at that stage, he had taught himself by reading on the subject at the local library. Later on, he achieved great heights in his career by designing and building, among others, the Stratford Guesthouse; the sustainable and resourcefully designed campus buildings for the University of Fort Hare (an institutional building not utilising any electrical air-conditioning); the Edenvale Baptist Church; and a community hall.

His technology is widely used in the building industry

“The arrogance in me gets humiliated when I
see what other people and God has done.”


His technical drawing skills, acquired at an early age during his training as motor mechanic, are still practised years later, particularly in his inventions. Stratford is the inventor of technology commonly used in the building industry today. Of these, the Winblok window system which he patented in 1981, is one of his best known patents. The use of these windows is characteristic of many of the buildings he designed and built. Other technology he invented and patented, includes the Winstep stairs, the Windeck flooring system, and the StratFlex furniture technology.

Furniture designs win him awards
He likes to quote architect Ludwig Mies van der Rohe: “A chair is a very difficult object. A skyscraper is easier.” Stratford started designing and manufacturing his own furniture and never lost this passion. In 2013, he won the Innovation Award at the Design Indaba for his “flat pack” furniture technology.

The humble Stratford – designer, inventor, industrialist, and architect – says he is simply playing around with God’s creation. “The arrogance in me gets humiliated when I see what other people and God has done.”

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