Namibia’s economic performance under NNN

Josef Kefas Sheehama - Namibia is presently experiencing socioeconomic challenges; the most important and urgently needed plan is the N$85 billion job creation plan, which calls for the creation of 550 000 jobs in key sectors. President-elect Netumbo Nandi-Ndaitwah firmly believes in diversity and that everyone should be included, regardless of political affiliation. Namibians would have more autonomy and be treated as equals in a more equitable and balanced relationship. The economy is dynamic and diverse, allowing people to find good jobs, reviving industrial growth, and manufacturing to create jobs and produce goods and services that enhance the ordinary person's daily life. GrowthThe main goal of economic policy should be to promote economic prosperity driven by rapid growth rates. In fact, the majority of our societal issues are a direct result of the absence of prosperous growth. Opportunity is limited in the absence of growth, and there are serious social issues when there are no opportunities. Namibia's economy is growing slowly, and there are significant obstacles to innovation in both the public and private sectors. To fully benefit from the digital economy and enhance our ability to create jobs, advance long-term economic growth and build society, we need more intelligent policies. As they grapple with social and economic issues, policymakers should prioritise this focus. Concrete measuresThe president should take concrete measures to encourage investment by analysing laws, regulations and investment policies and eliminating provisions that impede seamless investments, such as erratic policies, an unstable tax structure and unnecessary bureaucracies. Namibia needs to make changes to its educational system. Expecting Namibia to become industrialised without taking the necessary steps to enhance the educational system is unrealistic. Land reformFurthermore, the government should prioritise land reform and include it on its agenda. Because it aimed to mend the divisions of the past, create a society founded on democratic values, social justice and fundamental human rights, and enhance the standard of living for all citizens while unleashing the potential of every individual, the Namibian Constitution has been referred to as a transformative constitution. In Namibia, land reform is a key tool for achieving social justice and economic advancement. Thus, resolving the land reform matter will guarantee that the rights of all Namibians, not just those who currently own land, are reinforced rather than undermining property rights.Corporate governanceAdditionally, investors value good corporate governance, and under its principles and practices, shareholders have rights and expectations. Controlling corruption is the most important factor influencing economic development and can have an effect on economic growth. Make openness a top priority in procurement and contracting procedures to fight corruption. Among the biggest sources of corruption are contracting procedures. The best methods to reduce corruption in contracting processes are to create straightforward and workable policies and procedures, along with fair and consistent rulings and a way to hold contractors and the contracting agency responsible for their actions. ControlsGrafting activities may be curbed by putting controls in place, like requiring dual authorisation for audits and expenditures. Namibia should enact rules for standardising the creation of competitive, transparent and open contracting processes. The operation's financial credibility, essential services and vital resources are all at risk, and these factors outweigh the need for increased efficiency. It becomes ingrained as a persistent barrier to inclusive growth, and both the market and the state must operate efficiently to accomplish it.EnergyAdditionally, Nandi-Ndaitwah should promote energy prosperity. This means that our president should support prudent energy policies that let supply and demand be balanced by free markets, guaranteeing future energy that is dependable and reasonably priced. Against this backdrop, policy support mechanisms are crucial for the penetration of green hydrogen into multiple sectors and to promote sector coupling in order to realise the true potential of hydrogen locally and to reap the benefits. Green hydrogen can free up more space for renewable energy sources. Furthermore, with public debt exceeding 60% of GDP and in the midst of numerous macroeconomic disruptions, Nandi-Ndaitwah needs to get rid of SOEs' inefficient assets and obsolete, excess capacity. Instead of focusing on enhancing corporate governance, the current wave of SOE reform has emphasised the state's drive for consolidation through mergers and acquisitions. InequalityThe Fourth Industrial Revolution must also be in line with national development plans (NDPs) in order to advance knowledge and close the inequality gaps. Thus, to help Namibia meet the economic challenges of the next stage of its development, Nandi-Ndiatwah and the corporate sector must make changes at the macroeconomic level. It might be necessary to change state laws and policies to improve the lot of individuals.Thriving entrepreneurial networkIn conclusion, I recommend that in order to foster and develop a thriving entrepreneurial network, Nandi-Ndaitwah create a framework to improve connectivity and visibility of innovation, encompassing investors, business support organisations, research institutions and entrepreneurs. Prioritise industrial and trade policies and cultivate goodwill with foreign businesses to draw in investors and raise their investment levels in Namibia. As a result, it can help Namibians prosper and realise their full economic potential. Thus, Nandi-Ndaitwah should prioritise infrastructure development, economic revitalisation and opportunity provision for all Namibians.

Namibia’s economic performance under NNN

Comments

Namibian Sun 2024-12-13

Please login to leave a comment

Namibia’s economic performance under NNN

Comments

Namibian Sun 2024-12-13

Please login to leave a comment

Login