The South African Cultural Observatory will host a workshop on the South African Festivals Economic Impact Calculator, on September 5 at the Iziko South African Museum, in Bo-Kaap, Cape Town.
‘Monitoring and Evaluation: Economic Impact Calculator Training’ will allow participants to get to grips with the South African Festivals Economic Impact Calculator (SAFEIC).
Both nationally and internationally, there is a growing acknowledgment of the role that arts, culture and heritage play in economic growth and development.
Economic impact studies allow one to demonstrate the financial benefits of hosting cultural events and festivals and can be effective in communicating the value of the event to funders, local residents and various other stakeholders. However, methods used need to be valid and based on realistic verifiable data. These economic studies can also be expensive.
The South African Cultural Observatory has developed SAFEIC, a free online economic impact tool, used to estimate the economic impact of a festival on a host economy. SAFEIC was designed by an international team of university economists, in order to produce results that are as reliable and valid as possible for a wide range of events.
