Stefanus Nashama
The Rehoboth Urban Constituency Regional Councillor, Harald Kambrude noted that Namibia can move away from the South African Rand and minimize international debts by building proper financial stocks.
The Councillor made these remarks yesterday while contributing to the Second Reading of the Banking Institution Bill in the National Council.
Financial stocks are a type of security that gives stockholders a share of ownership in a company.
Kambrude argued that Namibia is still piggybacking on the South African financial system which he says is making the country too vulnerable.
He called on the country to localize the financial system and make use of natural resources to build a proper domestic financial stock.
“We still trade irresponsibly with the natural resources, giving foreigners operating licenses and giving them high percentage shareholders while the country gets too little,” he stressed.
He indicated that until the whole financial system is localized, Namibia will still be completely in the hands of the South African financial system.
Kambrude noted that if the country harvests its natural resources, it will be able to build a proper domestic financial stock.
“Giving away more percentages of shareholders to foreigners is irregular. We can say the foreign shareholders should go left or right but at the end of the day it is us going with a lesser percentage,” he said.
He also urged that the Ministry of Finance and Public Enterprise to introduce and establish policies to regulate the colonial financial system.
By doing this, the Councillor said the country will be financially independent with its financial system not linked to the international financial systems.
“If we can get the people’s money in and deal with people’s money, we are super diligent,” he stated.
Kambrude said it is important for the government to create proper laws that will regulate colonial financial systems, adding that colonial financial systems are very risky and so many people are working on the borderlines of losing money through criminal scams.
Local financial institutions should coordinate to ensure that policies are put in place to control the South African financial system, he said.
He further mentioned that only Bank Windhoek is a Namibian bank, other banks are international branches in the country.
Another councillor seconded Kambrude’s contribution, saying building domestic financial stock will bring about the country’s financial independence system.
