!Gawaxab on his first 100 days

18 September 2020 | Economics

PHILLEPUS UUSIKU - Even before the coronavirus crisis, Namibia’s economy was contracting, unemployment was high and fiscal space severely constrained if not exhausted, creating an almost perfect storm to face.

“Therefore, we need to up our game to ensure economic recovery,” said the governor of Bank of Namibia (BoN), Johannes !Gawaxab, yesterday as he reflected on his 100 days in office and vision going forward.

“I have taken the leadership role at the Bank of Namibia at a time when the world and Namibia have been hit by the deadly coronavirus with its devastating impact on the economy.

“It has been humbling to me, as I experience first-hand the resilience of the Namibian people who must face this situation daily while the pandemic dominates without a clear ending and who selflessly strive to save lives and the livelihoods of their compatriots,” !Gawaxab said.

The central bank governor started with a clear 100-day plan, which revolved around three key themes namely, introducing himself and aligning expectations with my key stakeholders, crafting a strategic agenda and thirdly communicating and starting the execution of the plan, he pointed out.

Achievements, vision

The notable accomplishments thus far have been preparatory and focused on ensuring longer term successes. It includes stakeholder engagements which is aim at building a bridge between the bank and its constituencies, collecting intelligence relating to activities of the monetary policy committee, the financial stability mandate and operations of the economy in general.

“In this regard, I have met with the top leadership of the NCCI [Namibian Chamber of Commerce and Industry], the top leadership of the Chamber of Mines, top leadership of labour as represented by NUNW [National Union of Namibian Workers], MDs of diamond mines and diamond sales, marketing and trading companies,” !Gawaxab said.

“In addition, we have published advisory notes on how to stimulate growth in the economy; collaborated with relevant ministries to craft a growth strategy for the country and assisted SMEs through a credit guarantee scheme to see them through the current crisis,” the central bank governor added.

!Gawaxab’s vision is to help create economic prosperity for Namibia by maintaining price and financial stability.

“Monetary and financial stability are necessary conditions, and we need to excel at it, but I must admit that these are not sufficient conditions for long-term prosperity.

“In our case, we need to contribute to creating an enabling macroeconomic and financial stability environment to help to grow the economy, create jobs and improve the livelihoods of the majority of our people,” he said.

Challenges, opportunities

“The management practices that central banks require for the future differ considerably from those they applied in the past. So, we need management practices that are relevant and innovative,” he pointed out.

“For instance, digital transactions, sound oversight over digital architectures, judgement calls on fintech risks, management of cybersecurity threats and regulation of new payment operators in an increasingly cashless world are some of the challenges,” !Gawaxab emphasised.

Opportunities are primarily in the area of making a contribution to improve the fortunes of the economy to create jobs and raise the living conditions of Namibians, he said. - [email protected]

Similar News


'Much more decisive' action needed with debt

15 hours ago | Economics

The head of the International Monetary Fund on Sunday called for significant steps to address the increasingly unsustainable debt burdens of some countries, urging creditors...

'I feel the wind behind my back'

15 hours ago | Economics

Geneva - Nigeria's Ngozi Okonjo-Iweala voiced confidence Friday in her quest to lead the crisis-wracked World Trade Organisation after all of Africa backed her candidacy,...

China's recovery quickens

15 hours ago | Economics

China stepped up its economic recovery in the third quarter from the coronavirus shock but missed forecasts, pointing to continued challenges for one of the...

1nvest gold, platinum ETFs list on NSX

1 day - 19 October 2020 | Economics

Staff Reporter - Specialist index tracking fund provider 1nvest, a collaboration between Standard Bank, Liberty and STANLIB, on Friday announced the listing of its gold...

Minister interferes in debt management

4 days ago - 16 October 2020 | Economics

The minister of urban and rural development, Erastus Uutoni, has directed the Rundu Town Council to cancel its agreement with the Red Force Debt Management...

G20 'falls short' on relief extension

4 days ago - 16 October 2020 | Economics

Anuj Chopra - G20 nations announced a six-month extension Wednesday to a debt suspension initiative for poor countries ravaged by the coronavirus pandemic, falling short...

Fate of Brexit talks hangs in balance

4 days ago - 16 October 2020 | Economics

Dave Clark - European leaders met yesterday seemingly determined to resist pressure from prime minister Boris Johnson to give ground in post-Brexit trade negotiations.The 27...

‘Oil prices won’t plunge again’

4 days ago - 16 October 2020 | Economics

London - The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November,...

Positive growth expected by mid-2021

5 days ago - 15 October 2020 | Economics

Namibia’s economy is expected to rebound to a positive growth only by mid-2021, Bank of Namibia deputy director of macro models and financial stability, Postrick...

Opuwo Town Council suffers losses

5 days ago - 15 October 2020 | Economics

The demand for water supply at the Opuwo Town Council (OTC) to especially the informal settlements has resulted in the loss of more than N$...

Latest News

‘No need’ for Geingob to...

15 hours ago | Government

JEMIMA BEUKES WINDHOEKSwapo spokesperson Hilma Nicanor has leapt to the defence of President Hage...

Girl (3) raped by uncle

15 hours ago | Crime

ELLANIE SMIT WINDHOEKThe rape of a three-year-old girl by her 49-year-old uncle at Mariental is among the latest sexual attacks on children...

Young, Wild and Free Nikhita

15 hours ago | People

Ester Kamati “I am unique because my journey is unique, my experiences in life, my thoughts, my words, and my actions make me unique.”Known for...

'Much more decisive' action needed...

15 hours ago | Economics

The head of the International Monetary Fund on Sunday called for significant steps to address the increasingly unsustainable debt burdens of some countries, urging creditors...

Etosha fire still raging

15 hours ago | Disasters

ERWIN LEUSCHNER SWAKOPMUND After more than a week, a fire in the Etosha National Park is still raging. The fire has destroyed a...

Celebrate cancer awareness month

15 hours ago | Opinion

As we celebrate Cancer Awareness Month, My Zone visited Delta High School and asked the learners what they know about breast cancer and what they...

Democratic regime change is permissible

15 hours ago | Opinion

President Hage Geingob drew wrath in some quarters when he tore into white Namibians who, in his own words, are deserting Swapo and essentially plotting...

The price of envy

15 hours ago | Columns

Octavia TsibesWhat is it about people that makes it hard for us sometimes to feel happy for others? We want to be good friends, good...

As we celebrate Cancer Awareness...

15 hours ago | Opinion

Corlia LiebenbergBreast cancer is a type of cancer that occurs in the breast tissue and lymph nodes of females and males. You could assist a...

Load More