Namibia must chart its own course – Aupindi
Swapo MP Tobie Aupindi told parliament last week that Namibia cannot continue to play to globalist agendas while the reality on the ground in Namibia is a different story.
He said Namibia’s recent petroleum discoveries in the Orange Basin present enormous opportunities for the country.
Aupindi urged government to adapt regulations to suit local economic realities, warning that those opportunities could be squandered if mismanaged.
“A discovery is merely the first step after years of risky exploration work. Companies are now assessing whether to move into production, which can take another five to ten years before the first barrel is extracted," he pointed out.
"During this period, we must remain steady and provide strategic leadership," he added. "Any perceived lack of vision could cause investors to abandon their work programmes, and once that happens, production prospects are lost."
The MP said it is not easy to bring in another investor under an existing petroleum-sharing contract. "If you try, the original investor may declare a force majeure, and your oil resources could be sanctioned internationally,” he added.
Aupindi further noted that today’s global instability is largely defined by protectionism, particularly from the United States.
“This has triggered an unnecessary trade war between the world’s largest economies, leading to macroeconomic imbalances, especially in government spending and public debt," he explained.
"There are also numerous global imbalances in public finances, particularly in the current account balances between certain countries and regions. Therefore, plans should focus on reactivating growth, and it is essential to correct these imbalances that have affected both domestic and global economies,” he said.
Policy reforms
Aupindi said the recent strength in economic output can partly be attributed to significant legislative and policy reforms.
He said these reforms build on successive rounds of substantial fiscal support, which have boosted economic activity since 2022 and are expected to continue doing so through 2025.
“The fiscal package has stimulated economic output by 4% in 2022, outperforming the global average and even emerging markets. Only sub-Saharan African economies performed better than Namibia’s at that time, which is impressive,” he noted.
He urged the Financial Intelligence Centre and the Bank of Namibia to take the country’s economic security seriously, calling for an immediate review of strict cash control measures.
Close friends
Aupindi also recommended that institutions relax regulations on cash limits and cash payments to help revive economic activity in the northern regions.
He said towns such as Katima Mulilo, Rundu, Nkurenkuru and Oshikango once thrived as trade hubs, driven largely by a cash-based economy supported by Angolan traders.
“Angola, of course, is our sister country. It hosted many Namibians during the liberation struggle, they lived with us, suffered with us, and many of them died alongside us," he said.
He added that these days, "while we enjoy our hard-won freedom and independence, thanks to those sacrifices, we seem to be cutting them off."
[email protected]
He said Namibia’s recent petroleum discoveries in the Orange Basin present enormous opportunities for the country.
Aupindi urged government to adapt regulations to suit local economic realities, warning that those opportunities could be squandered if mismanaged.
“A discovery is merely the first step after years of risky exploration work. Companies are now assessing whether to move into production, which can take another five to ten years before the first barrel is extracted," he pointed out.
"During this period, we must remain steady and provide strategic leadership," he added. "Any perceived lack of vision could cause investors to abandon their work programmes, and once that happens, production prospects are lost."
The MP said it is not easy to bring in another investor under an existing petroleum-sharing contract. "If you try, the original investor may declare a force majeure, and your oil resources could be sanctioned internationally,” he added.
Aupindi further noted that today’s global instability is largely defined by protectionism, particularly from the United States.
“This has triggered an unnecessary trade war between the world’s largest economies, leading to macroeconomic imbalances, especially in government spending and public debt," he explained.
"There are also numerous global imbalances in public finances, particularly in the current account balances between certain countries and regions. Therefore, plans should focus on reactivating growth, and it is essential to correct these imbalances that have affected both domestic and global economies,” he said.
Policy reforms
Aupindi said the recent strength in economic output can partly be attributed to significant legislative and policy reforms.
He said these reforms build on successive rounds of substantial fiscal support, which have boosted economic activity since 2022 and are expected to continue doing so through 2025.
“The fiscal package has stimulated economic output by 4% in 2022, outperforming the global average and even emerging markets. Only sub-Saharan African economies performed better than Namibia’s at that time, which is impressive,” he noted.
He urged the Financial Intelligence Centre and the Bank of Namibia to take the country’s economic security seriously, calling for an immediate review of strict cash control measures.
Close friends
Aupindi also recommended that institutions relax regulations on cash limits and cash payments to help revive economic activity in the northern regions.
He said towns such as Katima Mulilo, Rundu, Nkurenkuru and Oshikango once thrived as trade hubs, driven largely by a cash-based economy supported by Angolan traders.
“Angola, of course, is our sister country. It hosted many Namibians during the liberation struggle, they lived with us, suffered with us, and many of them died alongside us," he said.
He added that these days, "while we enjoy our hard-won freedom and independence, thanks to those sacrifices, we seem to be cutting them off."
[email protected]
Comments
Namibian Sun
No comments have been left on this article