The administration of President Netumbo Nandi-Ndaitwah offers a fresh beginning regarding responsibility, organizational transformation, and a powerful feeling of rejuvenation. From her time as a campaigner for Vice President of the Swapo Party and later as its Presidential candidate, NNN has consistently shown that the Swapo Party will be a progressive party, and she remains committed to this vision.
This article offers background insight into the economic perspective that Nandi-Ndaitwah is promoting, along with the economic approach that shapes current governance.
Namibia is experiencing a surge in economic transformations, featuring the rise of green hydrogen and the influence of oil and gas on GDP. Both of these developing industries hold potential for generating employment, fostering economic growth, and, above all, promoting economic diversification. As these sectors develop and establish themselves within Namibia, they will significantly reshape the composition of our GDP. The most urgent need is the enhancement of natural resources within key industries, such as mining.
The matter of raw materials exiting our country does not yield advantages. Although there may be discussions about the cost of processing, it is a crucial aspect where incentives can be established to encourage processing, ensuring that it does not hinder the benefits the nation should obtain. We believe that things cannot continue as they have in terms of the advantages gained from these two key industries and the broader framework of how the state functions. Benefits need to be widespread, and the processing of natural resources must be a central factor in long-term strategies.
Namibia, as a developing economy, finds itself at a critical juncture where conventional economic models and strategies frequently fail to tackle the specific issues of slow growth, disparity, and participation. Although we have witnessed impressive foreign direct investment numbers and economic expansion reaching 3 to 4%, this does not translate into significant employment opportunities. Fresh economic perspectives, as advocated by Nandi-Ndaitwah, offer creative and flexible methods for shaping economic policies.
This is not only favorable but crucial for the visible growth and strength of our currently vulnerable Namibian economy. This is significant as it facilitates oversight of effective strategies, allowing for the proper allocation of all resources.
By re-evaluating traditional models, Namibia can uncover new possibilities, tackle underlying vulnerabilities, and establish a route to fairer economic growth. We are currently working on resolving the problem of sluggish growth and insufficient funding, which is limiting the economy's capacity to move forward. There have been significant inflows of investment into our economy, mainly from the oil and gas sector. Now, we must address the issue of investment and employment generation. How can we ensure that investment leads to job creation?
New economic approaches recognize technology and agriculture as drivers of change. Developing nations can bypass obsolete systems by implementing digital infrastructure, dynamic agro-processing and enhancement, renewable energy, and financial technology, all of which we have significant potential for. Furthermore, innovation should go beyond technology to encompass economic frameworks.
Studies, including conditional basic income trials in India and collaborative business approaches in Latin America, show how reimagining the way resources are shared can help decrease poverty and boost local economies. These efforts demand courageous policy structures that focus on long-term human growth rather than immediate financial restraint. This aligns with the goals of NDP6. The allocation of resources should be paired with projects and schemes that individuals can participate in and that do not rely solely on CBIG for their entire existence.
As a developing nation, we encounter substantial disparities, whether between urban and rural areas, based on gender, or driven by social class. The present government prioritizes fairness, acknowledging that growth without inclusion leads to unrest.
Inclusive and feasible policies also enhance social unity, and for our Namibia, this is essential in a diverse nation where ethnic or regional conflicts can hinder development; indeed, it must be a Namibian home for everyone residing here. By focusing on underprivileged groups—through affirmative action, initiatives promoting women's entrepreneurship, or improving rural infrastructure—innovative economic approaches encourage solidarity and common goals, minimizing the chances of populism. However, the male child also needs to be revitalized and empowered to remain competitive.
Environmental harm presents a critical danger to developing economies, which often depend on farming or natural resources. Modern economic approaches incorporate sustainability into development plans, shifting away from the sole focus on growth and emphasizing secure and reliable techniques that have been shown to be effective. For instance, the small village of Leonardville in Cattle Country is facing a pivotal moment after uranium deposits were discovered in the Stampriet aquifer. When emotions overshadow scientific evidence, the in situ leach recovery method, which has been demonstrated to be safe, could emerge as Namibia's next significant achievement in mining and enhance ongoing research into this technique. This economic expansion will reshape Omaheke as we currently know it. The two can indeed coexist.
This change calls for reconsidering rewards and motivations. Financial support for oil and fuel, which is typical in several developing countries, might be shifted towards renewable energy or eco-friendly farming. Global collaborations, like climate funding pacts from the Environmental Investment Fund, can aid these changes, but only if our nation promotes policies that match their growth requirements.
A fresh approach to economics, led by Nandi-Ndaitwah, calls for collaborative and forward-thinking leadership, along with individuals ready to confront established powers and global ideologies. It also necessitates active public involvement to make sure that policies address the needs of the people. The initiatives being carried out by the Swapo Youth League have given a platform to voices from every part of the community, allowing grassroots groups to push for economic changes. Governments should utilize these resources to encourage discussion and inform the public.
*Dylan Mukoroli writes on his own behalf.
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Tagged: Namibia, Governance, Economy, Business and Finance, Southern Africa
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