'We must work together'
Banda Shilimela, at launch of his new consultancy firm in Ongwediva, told more than 100 business personalities in attendance to take hands and work together to rescue what is left of the country's economy.
Well-known Namibian entrepreneur and businessman, Banda Shilimela, said if business people unite and work together they can rescue the situation the country's economy finds itself in.
Shilimela said this during his public lecture on the state of the Namibian economy in Ongwediva on Saturday evening which was attended by more than 100 established businessmen and -women as well as aspiring business persons.
“The country is still valuable as I see it, the Namibian economy has not totally collapsed,” he said.
Shilimela said with the drop in prices of commodities such as uranium, copper and diamonds in recent years it has left the country to only cherish its peace and stability.
At the event, Shilimela also launched his business consulting and mentorship firm, Dr Banda Shilimela Consulting and Mentorship, which is currently based in Ondangwa.
Shilimela said people need to know what is happening in the country. He added that it is on this basis he decided to enlighten fellow Namibians about the events that led to the situation where the economy of the country declined and how the business community has been affected.
“It is no secret that our economy is not performing very well… this has affected all of us especially the business community. Many businesses have collapsed,” Shilimela said.
“In 2016 Moody's and Fitch both downgraded the outlook of our country which has resulted in the cutting of costs by government. This has negatively impacted the business community. Liquidity has become a problem and it is affecting businesses,” he added.
Explaining where the country is headed to, Shilimela talked about how businesses have borrowed money from the banks for start-ups or upgrades, as well as people acquiring assets with the assistance of the banks. He added that looking at the current financial situation, even if people's assets such as houses are repossessed, it will still not to benefit the banks.
“If the banks repossess people's properties, to whom are they going to sell those properties if people don't have money?” he questioned.
However, Shilimela said if all stakeholders get together and work towards the common goal which is to rescue the Namibian economy, a lot can be achieved.
“It is our responsibility to come together in unity to see what we can do for our country,” he urged.
“It is time to do something about it, we cannot continue with business as usual - we have to find modalities to make the country flourish again,” Shilimela said.
Shilimela throughout the session complimented Kenya saying that he is impressed with the way Kenyans run their country making reference to issues like the lack of parastatals and how important services such as banking institutions are owned by locals and are not foreign.
He also spoke about other challenges that go hand in hand with a weak economy saying that crime within the workplace starts occurring as employees start stealing due to their salaries being delayed.
He also mentioned issues such as retrenchments saying that in 2016 many people lost their jobs and in 2017 it is likely to happen if no new measures are taken to boost the economy and businesses.
KENYA KAMBOWE
Shilimela said this during his public lecture on the state of the Namibian economy in Ongwediva on Saturday evening which was attended by more than 100 established businessmen and -women as well as aspiring business persons.
“The country is still valuable as I see it, the Namibian economy has not totally collapsed,” he said.
Shilimela said with the drop in prices of commodities such as uranium, copper and diamonds in recent years it has left the country to only cherish its peace and stability.
At the event, Shilimela also launched his business consulting and mentorship firm, Dr Banda Shilimela Consulting and Mentorship, which is currently based in Ondangwa.
Shilimela said people need to know what is happening in the country. He added that it is on this basis he decided to enlighten fellow Namibians about the events that led to the situation where the economy of the country declined and how the business community has been affected.
“It is no secret that our economy is not performing very well… this has affected all of us especially the business community. Many businesses have collapsed,” Shilimela said.
“In 2016 Moody's and Fitch both downgraded the outlook of our country which has resulted in the cutting of costs by government. This has negatively impacted the business community. Liquidity has become a problem and it is affecting businesses,” he added.
Explaining where the country is headed to, Shilimela talked about how businesses have borrowed money from the banks for start-ups or upgrades, as well as people acquiring assets with the assistance of the banks. He added that looking at the current financial situation, even if people's assets such as houses are repossessed, it will still not to benefit the banks.
“If the banks repossess people's properties, to whom are they going to sell those properties if people don't have money?” he questioned.
However, Shilimela said if all stakeholders get together and work towards the common goal which is to rescue the Namibian economy, a lot can be achieved.
“It is our responsibility to come together in unity to see what we can do for our country,” he urged.
“It is time to do something about it, we cannot continue with business as usual - we have to find modalities to make the country flourish again,” Shilimela said.
Shilimela throughout the session complimented Kenya saying that he is impressed with the way Kenyans run their country making reference to issues like the lack of parastatals and how important services such as banking institutions are owned by locals and are not foreign.
He also spoke about other challenges that go hand in hand with a weak economy saying that crime within the workplace starts occurring as employees start stealing due to their salaries being delayed.
He also mentioned issues such as retrenchments saying that in 2016 many people lost their jobs and in 2017 it is likely to happen if no new measures are taken to boost the economy and businesses.
KENYA KAMBOWE
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