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Buying local products encouraged to help boost economy

Buying local products encouraged to help boost economy

Given the fact that Namibia is experiencing a technical recession and seeing inflation is much higher, buying local products is encouraged as it will help boost the local economy, according to Bärbel Kirchner, Account Director of Team Namibia..

According to her, not only does buying locally stimulate the local economy, it also helps locals keep their jobs as well as help local businesses give back to communities.

“Buying local goods and services will support the Namibian economy. When planning your spending, remember to replace at least one product on your grocery list with a Namibian one,” said Kirchner.

“By replacing imported goods and services with Namibian products, consumers help to develop the Namibian market,” she said.

“If we buy locally, the increase of demand can cause businesses to stabilise and grow, resulting in increased employment. Ultimately this means that if we do not buy local, we as Namibians will pay higher social-economic costs such as crime and poor health, which the taxpayer ultimately carries,” Kirchner explained

Furthermore, with increasing fuel, food, and other living expenses it is essential to plan and prioritise income and expenses.

Meanwhile, Elzita Beukes, Communications Manager at FNB Namibia said, “In this sagging economy, we need to micro-manage our money on a personal level and watch every cent. This is not only applicable to the population in general but as we have seen, even Government has tightened their belts in these tough times”.

The sole purpose of a budget is to formalise the financial management of a family and to encourage members to think about their incomes and expenses, she added

Adding on Jacquiline Pack, Executive Officer, Marketing and Corporate Communication Services at Bank Windhoek said, “Some households spend money as it comes in, leaving nothing for the future or unforeseeable expenses and this unplanned practice may force families into stressful financial situations.”


 

 

 

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