Staff Writer
The Bank of Namibia, in collaboration with the University of Namibia (UNAM), last hosted a public lecture to deepen national dialogue on how Namibia can translate its natural resource endowments into sustainable, inclusive and intergenerational prosperity.
The engagement brought together the Governor of the Bank of Namibia, Ebson Uanguta, and the Governor of the Bank of Botswana, Lesego Caster Moseki, alongside students, academics, professionals from various sectors and other stakeholders.
The platform provided an opportunity not only to share perspectives on resource-led development, but also for participants to engage the two governors directly through questions and dialogue on economic diversification, sovereign wealth management, investment, skills development and the choices required to secure long- term national prosperity.
Uanguta said emerging opportunities in oil and gas, renewable energy and green hydrogen, should see the next growth chapter built around more than extraction.
He said greater local value addition, public auxiliary industries, technology transfer, knowledge development and stronger domestic supply chains will be critical to ensuring that resource wealth generates opportunities throughout the economy.
Moseki traced Botswana’s journey from mineral discovery to the establishment of one of Africa’s oldest sovereign wealth funds, illustrating how diamond revenues were channeled into infrastructure, education, healthcare and social protection, while a portion of the country’s wealth was preserved for future generations.
He noted that successful resource management requires fiscal discipline, deliberate saving, diversification and strong institutions, particularly because commodity booms can conceal underlying vulnerabilities until revenues begin to decline.
Botswana’s experience also provided important lessons for Namibia as it prepares for the potential expansion of its own resource economy.
Moseki said the emergence of lab-grown diamonds and weaker traditional diamond revenues has placed greater pressure on Botswana’s foreign earnings and the Pula Fund, reinforcing the importance of diversification before resource revenues begin to decline.
Moseki further underscored that the sustainability of a sovereign wealth fund depends on much more than investment returns.
