Namibian Budget 2024-25: A Roadmap for Growth and Equality
By Josef Kefas Sheehama.
The Minister of Finance, Hon. Iipumbu Shiimi, is poised to present the 2024-25 budget in February 2024. This upcoming budget isn’t merely an annual financial report but represents a crucial opportunity for the government to outline a roadmap for sustained growth and equality.
The Budget 2024-25 should prioritize safeguarding and revitalizing the lives and livelihoods of Namibians, rebuilding economic resilience, and catalyzing socio-economic reforms. With this objective in mind, we anticipate a shift in policy direction, with a greater emphasis on youth empowerment, essential services, agriculture, and tax reform to tackle unemployment.
A significant portion of the budget is expected to be allocated to the human capital development programme, covering key sectors such as education, health, and green hydrogen technologies.
Additionally, investments in security, integrated transport infrastructure, services, and agriculture are crucial. It’s imperative to recognize the pivotal role of agriculture in economic development and allocate appropriate resources accordingly, despite its declining share in GDP as Namibia progresses.
Efforts must also be intensified to uplift rural living standards, reduce regional income disparities, curb rural-urban migration, and enhance food security. Implementing a rural development strategy focused on both large modern farms and family farming, is imperative. Regulatory reforms should facilitate public and private investment in agriculture while ensuring access to finance and responsiveness to sector needs.
Addressing the challenges posed by land resources and climate change demands sustained efforts to promote sustainable practices, protect agricultural land, and adopt land-saving pratices.
Furthermore, the budget should prioritize youth empowerment through comprehensive programmes that equip young people with the skills to thrive in evolving economic landscapes. National action plans targeting youth employment, including enterprise incubation programmes and infrastructure projects, are essential for unleashing economic participation and fostering entrepreneurship.
Green hydrogen and oil discoveries represent significant challenges and opportunities for Namibia’s economic development. Leveraging renewable energy potential and supporting these sectors can drive job creation and long-term prosperity.
Tax reform is another crucial area requiring attention. Rectifying anomalies such as double taxation on profits and dividends can enhance resilience, attract investment, and improve global competitiveness.
Enhancing governance, accelerating structural reforms, and investing in digitization are vital for resource safeguarding and domestic resource mobilization.
As the Budget 2024-25 approaches, expectations are high for policies and measures to drive sustainable development, export promotion, and digital transformation. These sectors are pivotal for economic growth, creating employment, and improving citizens’ quality of life.
In pursuit of Vision 2030 goals, the budget must prioritize reform measures that leave no one behind in the nation’s progress. It serves as an instrument for change, ensuring welfare and development for all citizens.
To achieve sustained poverty reduction, stability, and growth, the government must remain committed to its focus areas. As the nation eagerly awaits the budget, it anticipates a comprehensive strategy that steers the country to progress and prosperity.
