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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. 

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Nat Nakasa the inspiration behind UFS academic’s PhD thesis
2017-01-09

 Description: 001 Dr Willemien Marais Tags: 001 Dr Willemien Marais

Photo: Supplied

“I’m interested in alternative ways of approaching things, so I wanted to look at how journalism can be used in an unconventional way to contribute to a developing society.”

This is why Dr Willemien Marais, a lecturer in the Department of Communication Science at the University of the Free State (UFS), decided to title her thesis: Nat Nakasa as existential journalist, describing a form of journalism that places emphasis on the individual’s experiences.

“Existentialism is a philosophy that provides scope for an individual approach to life, and I like Nat Nakasa’s writing because of his excellent sense of humour despite his horrific circumstances as a black journalist during apartheid,” she says.

A practical approach to writing

Dr Marais analysed Nat Nakasa’s approach to journalism through articles he wrote in the early 1960s. She searched for relevant themes of existentialist philosophy in Nakasa’s work in order to prove that he could be read as an existential journalist.

She mentions that in terms of contemporary relevance, Nakasa’s approach to journalism suggests that existentialism could provide the journalist with a practical approach to writing, especially for those journalists working in developing societies.

“The relevance of this approach lies in the fact that any society is always between things – the old and the new – which might require the journalist to operate outside the boundaries of conventional journalism.”

This study was qualitative in nature because of the interpretation required. She mentions that it was basically one of many possible interpretations of Nakasa’s work; with this one using existentialism as a lens.

An intellectually stimulating thesis

Dr Marais quotes French existentialist Jean-Paul Sartre, who said that interpreting someone’s work, especially someone who was no longer alive, was open to “thousands of shimmering, iridescent, relevant meanings”, and her research represents one of these possible meanings of Nakasa’s work as a journalist.

When asked how long she had worked on her thesis, Dr Marais simply answered “too long!” She mentions that her thesis was initially more of an intellectual exercise. Whereas the actual act of writing took about four months, she spent many years thinking about the topic. “Now that all is said and done, I realise I had to grow into the topic. It took me a while to realise that true understanding does not come overnight!”

Dr Marais mentions that other than herself and the work of Nat Nakasa, there were no other roleplayers involved. “For many, many years it was just Nat Nakasa and I. It was frustrating and exhilarating all at the same time.”

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