Restoring economic growth rests on trust and confidence
Opinion by Standard Bank’s Chief Financial Officer, Bryan Mandy
Given the current state of the global and regional economies it is increasingly becoming apparent that we need to make our own future with a clear understanding of the opportunities and risks facing the Namibian economy in 2018 and beyond.
The key principle for successful growth is for Government and the private sector to partner as a collective grounded on economic growth geared towards public interest considerations, value for money, quality and price considerations, transparency and accountability, affordability and tangible results.
We can not rely on others to create growth for Namibia. We need to create an environment that is conducive for trust and confidence in our country to eradicate poverty and eliminate inequality.
Both the Government and the private sector need to work hand in hand to increase the effectiveness and efficiency of the public sector and foster an environment that is ripe for investment, development and employment opportunities.
When launching NDP5 in May 2017, the then Honourable Minister of Economic Planning, Mr Tom Alweendo noted that “it goes without saying that we are currently experiencing tough economic times. While the economic challenges we face cannot be underplayed, they are also not insurmountable.”
In his New Year’s message, Honourable Finance Minister, Calle Schlettwein noted that “2017 was a tough year but we can say that we have faced the challenges and reacted with interventions that now allow us to look forward with optimism to 2018.”
The imminent National Budget speech informs the broader public about plans afoot to arrest the economic challenges we face, set the scene for 2018 and serves to reduce anxiety regarding economic growth in 2018. In short, a budget “is telling your money where to go instead of wondering where it went”.
So, let’s wait and see what the key economic drivers will be going forward and let’s continue forging partnerships for the economic prosperity of our national economy. Doing it for ourselves means a stronger bond between Government and the private sector to make our Namibian house a home for everyone. At Standard Bank we have a clear purpose – Namibia is our home and we drive her growth.
Having said that, it is important that we all see the purpose behind the upcoming national budget and engage with the Government on all levels so as to achieve a legacy of equality and shared growth for our children.