Staff Writer
The Bank of Namibia (BoN) this week hosted diplomats, development agencies and international stakeholders to discuss global economic developments and Namibia’s economic outlook.
The engagement was held under the theme “Navigating a Changing Global Economy: Aligning the Central Bank for the New Economy”.
BoN governor Ebson Uanguta said the global economy is facing major structural changes driven by geopolitical tensions, technology shifts, climate-related risks, supply-chain disruptions and uncertainty in financial markets.
Uanguta said these developments require countries and institutions to become more resilient and adaptable.
He said Namibia remains vulnerable to external shocks as a small and open economy but continues positioning itself to manage global uncertainty while pursuing new growth opportunities.
According to Uanguta, central banks are now expected to strengthen areas beyond their traditional mandates, including digital finance, cyber resilience, financial innovation and institutional flexibility.
He stressed the importance of stronger cooperation between government, regulators, investors, development partners and the private sector to support Namibia’s economic transformation plans.
Uanguta said the Bank of Namibia remains committed to maintaining monetary and financial stability while modernising its policy and supervisory systems and strengthening institutional capacity.
He highlighted several initiatives, including the National Payment System Vision and Strategy 2030, the rollout of the Instant Payment Platform, reserve diversification measures and financial inclusion programmes.
Economic advisor to the governor Helvi Fillipus presented an overview of global and domestic economic developments affecting Namibia’s outlook.
According to the presentation, global economic growth is expected to remain weak in 2026 and 2027 because of geopolitical tensions, inflation pressures and tighter financial conditions.
The presentation also highlighted risks linked to developments in the Middle East, including rising oil prices, shipping disruptions and supply-chain pressures.
Domestically, Namibia’s economy is expected to improve gradually over the medium term, supported by higher uranium production, recovery in tourism and financial services, and continued investment in mining and energy.
The presentation noted that weaker diamond prices, drought conditions and limited fiscal space continue to affect economic performance. However, medium-term growth prospects remain supported by investment activity and economic diversification efforts.
Discussions during the engagement also focused on opportunities in Namibia’s oil and gas, renewable energy, mining and manufacturing sectors, as well as the country’s plans to position itself as a regional logistics and energy hub.
