Netumbo: Africa seeks fair financing, not aid

President Netumbo Nandi-Ndaitwah says African nations are not begging for handouts but demanding fair financing and a just global economic system that enables development on equal terms.Speaking at the G20 Summit in South Africa over the weekend, she said developing countries are pursuing responsible fiscal management, yet high debt-servicing costs continue to constrain growth and erode funding for essential public programmes.Nandi-Ndaitwah urged world leaders to strengthen international debt-treatment mechanisms and increase concessional financing for countries demonstrating sound fiscal discipline.“A critical lesson is that, with careful planning and innovative financing, countries can balance debt sustainability with inclusive development,” she said.She warned that unchecked global inequality threatens social cohesion and sustainable development, adding that fair taxation, financial inclusion, and social protection are necessary tools.Global governance must reflect modern realitiesThe president said current global power structures remain skewed and unresponsive to the needs of developing nations.“If our financial architecture is not fit for purpose, we will continue to see the pressures of a looming global debt crisis that intensifies and develops strong, productive growth between developed countries,” she said.Nandi-Ndaitwah said Namibia is shifting away from raw-material exports toward value-added industries that create jobs and link the country to global value chains.“In Namibia, we are diversifying our economy, promoting value addition and expanding opportunities so that natural resources yield broad-based benefits,” she said, citing the Zero Hunger Road Map as an example of inclusive development.Africa’s growth tied to integration and market accessShe argued that regional integration, infrastructure development and equal access to global markets are essential for Africa’s development trajectory.“We emphasise the importance of strengthening the implementation of the African Continental Free Trade Area and fostering intra-African trade,” she said.Financing climate resilience and energy transitionThe president said Namibia needs about US$15 billion (N$260 billion) to meet climate-adaptation and transition goals, with 90% of adaptation funding reliant on external support.She announced plans to consolidate climate-adaptation efforts into one national programme focusing on water security, drought-resilient agriculture, irrigation and groundwater management.Under the Just Energy Transition framework, Namibia is creating a full “investable ecosystem” for green hydrogen, ammonia and sustainable fuels.“Our goal is to build a full, investable ecosystem,” she said, adding that Namibia seeks partnerships matching the scale of global decarbonisation goals.World Bank president Ajay Banga echoed similar sentiments at the summit, saying job creation is the foundation of development and stability.He said unlocking Africa’s growth requires improved infrastructure, a better business environment and private-sector-driven investment.Banga added that the continent holds more than 60% of the world’s uncultivated arable land, minerals critical to the energy transition and abundant renewable resources—assets he described as “Africa’s gift” that could help define the century.nikanor@nmh-hub.com.na

Netumbo: Africa seeks fair financing, not aid

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Namibian Sun 2025-11-24

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Netumbo: Africa seeks fair financing, not aid

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Namibian Sun 2025-11-24

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