By Adolf Kaure.
Namibian President H.E. Dr. Nangolo Mbumba said that Namibia is back on a positive trajectory of economic recovery in various sectors, when he delivered his statement for the opening session of Cabinet at Parliament on Tuesday.
The sectors boosting the economy comprise agriculture, mining, fisheries, tourism as well as oil, gas and green energy.
According to the President, despite the positive trajectory, government ministries in those sectors need to continue with this momentum.
“I am urging the responsible Government Ministries in the sectors to start implementing all pending programmes to fast-track economic development and create employment opportunities for our people, particularly the youth.”
“During my brief tenure of my Presidency, I intend to fully uphold the Social Contract that our late President has entered into until March 2025, with the Namibian people.”
“Likewise, I expect you, as Cabinet Ministers to support me in this regard and also to uphold the Social Contract until the end of our tenure in office.”
“We should therefore serve the interests of all the people of Namibia, and prioritize the timely execution of projects and programmes,” he said.
“Our collective efforts as a nation, during the past years [to] achieve economic recovery, inclusive growth and shared prosperity under the Harambee Prosperity Plan I and II, have born the desired results.”
Recently, Namibia’s economic growth surpassed the pre-pandemic level, with a registered growth of 7.2% in the third quarter of 2023.
Furthermore, according to the Bank of Namibia’s Economic Outlook, the Gross Domestic Product for 2024 is projected to grow by 3.4%.
Another contributor with huge potential is Green Hydrogen, set to play a major role in the transformation of the Namibian economy. The development of Green Hydrogen is expected to stimulate further growth in ancillary industries like finance, logistics, agriculture and manufacturing.
Leave a Reply