Nedbank Namibia last week hosted the business community of Swakopmund and Walvis Bay to discuss the 2024/2025 national budget, which was recently tabled by the Minister of Finance and Public Enterprises, Ipumbu Shiimi.
In her opening remarks, Nedbank Namibia Managing Director, Martha Murorua, reinforced the bank’s role in aligning with the socio-economic goals of the national budget, “We recognise that every dollar that we lend to our clients has the potential to deliver value beyond their immediate financial requirements, and we therefore work with our clients to use our combined resources and knowledge to identify commercial opportunities that can help to resolve the various socio-economic issues facing our Land of the Brave,” Murorua said.
Speaking at the event Deputy Executive Director of the Ministry of Finance and Public Enterprises, Oscar Capelao, delved into the national budget tax proposals, “We maintained a policy stance to not consider new tax policy proposals specifically those with the potential to stifle economic recovery and compromise the emerging growth prospects. Broadly, we still maintain the same view, and as such this budget continues specific tax policy proposals aimed at providing some relief to taxpayers with the aim to boost domestic demand, broadening the tax base to improve revenue mobilisation, and enhancing the competitiveness of the tax system to attract investments and foster private sector development,” he said.
Salomo Hei from the High Economic Intelligence Namibia held a short presentation on Namibia’s Economic Landscape, where he provided budget statement recommendations.
“We should prioritise areas which include digitalization to boost productivity growth, and green investment to enhance resilience on renewables and increase energy conversation on the back of an enabling legislation,’ Hei said.
The event also featured a panel discussion which tackled the impact of the budget allocation. Moderated by the Managing Partner of Sequoia Tax and Legal Advisory, Elizabeth Manasse, the panel included, Deputy Executive Director of the Ministry of Finance and Public Enterprises, Oscar Capelao; PwC Namibia Country Senior Partner, Chantell Husselmann; Managing Director of High Economic Intelligence, Salomo Hei; Bank of Namibia Technical Expert, Dr. Bernie Zaaruka, and Executive Director of the Ministry of Education, Arts and Culture, Sanet Steenkamp.
The discussion covered a range of topics, and panelists engaged in lively and informative discussion, sharing their individual perspectives and insights on the critical issues raised amongst themselves and from the guests in attendance.
One such notable takeaway was from Sanet Steenkamp who said: “We need to invest at the foundational level of education, and come up with targeted intervention strategies,” she said.
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