BoN calls for balance amidst booming energy sector

Deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, has issued a call for economic balance in light of the notable growth and development of Namibia&#039;s oil, gas and green hydrogen markets.Uanguta made these remarks during the 9th continental Africa Public Service Day celebrated in Katima Mulilo on Tuesday under the theme &#039;The African Continental Free Trade Area will require a fit-for-purpose African public administration&#039;.Acknowledging the progress of Namibia&#039;s oil, gas, and green hydrogen markets, Uanguta emphasised the critical role of effective public policies in harnessing the potential of these sectors while ensuring long-term sustainable growth for the nation&#039;s economy."It is evident that Namibia&#039;s oil, gas, and green hydrogen market has seen significant growth and development," stated Uanguta."As we move forward, it becomes essential for us to strike a balance in our policies to avoid over-reliance on these sectors and to safeguard the broader economy."Focus on all sectors Uanguta&#039;s call for economic balance comes as Namibia explores the vast opportunities presented by its oil, gas, and green hydrogen resources. While these industries hold immense potential for economic prosperity, the deputy governor cautioned against neglecting other crucial sectors, particularly agriculture, which could suffer if not given sufficient attention amidst the excitement of the new ventures."Namibia must be cautious not to let the growth in these key sectors undermine the foundations of other industries, such as agriculture. Neglecting these sectors will result in a country not being food self-sufficient anymore and you will be importing because it will be cheaper to import given the fact that key sectors are crowding out these other important sectors," Uanguta warned.Strategic management He emphasised that achieving economic balance requires policymakers to adopt a people-centred and long-term view.By strategically managing the revenues generated from these burgeoning sectors, Namibia can effectively minimise its reliance on them while nurturing the growth of other vital industries."The formulation and implementation of our policies must be guided by a long-term vision that preserves and supports existing economic bases," said Uanguta."We must be cautious to strike that balance between attracting foreign direct investments in these key sectors while ensuring the stability and growth of other sectors."

BoN calls for balance amidst booming energy sector

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Namibian Sun 2026-11-05

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BoN calls for balance amidst booming energy sector

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Namibian Sun 2026-11-05

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