Central Bank Governor engages diplomatic community
Bank of Namibia Governor, Johannes !Gawaxab recently played Namibia’s economic deck, explaining to a diplomatic meeting the need for support and cooperation in key strategic areas.
In a statement released after the engagement, the Bank said it continually engage various stakeholders through open dialogue to create a better understanding of its mandate in general and its operations in particular.
“Your presence here is evidence of a collective desire for a better tomorrow through mutually beneficial partnerships. This will further enable us to navigate our way out of these difficult times, to position this country for trade, commerce, and investment prospects, and to find innovative technology-driven and sustainable solutions to challenges facing our economy’’, he told the meeting.
On economic conditions in general, the Governor said “Namibia as with the rest of the world has been significantly impacted by external global shocks over the last few years with constrained economic recovery and sluggish growth. The COVID-19 pandemic was a major setback to the domestic economy with many losing their jobs on top of an already high unemployment rate not to mention the devastating loss of lives.”
As a member of the Common Monetary Area, !Gawaxab said the Bank uses all tools at its disposal to contain inflation, and to safeguard the value of the Namibia Dollar by protecting the par peg with the Rand.
On economic prospects, the Governor is adamant that solutions should address the high unemployment, particularly among the youth while ensuring food and energy security by promoting and encouraging both domestic and foreign investment.
“Namibia is also excited about the prospects and opportunities brought about by her natural resources, particularly Green Hydrogen and oil exploration. These have the potential to enhance economic growth and create the necessary confidence within the economy,” he said.
The Governor invited the diplomatic community to support the economic recovery and growth initiatives of the country by presenting the investment opportunities that Namibia offers to investors in their respective countries.