Black businesses slam govt, commercial banks in demo
OGONE TLHAGE
WINDHOEK
A group calling itself the Black Business Leadership Network of Namibia on Friday staged a demonstration in Windhoek to demand, amongst other things, that the Bank of Namibia reign in commercial banks, who are often too quick to repossess the properties of struggling businesses.
The group led a demonstration to the Office of the Prime Minister, the Bank of Namibia and the Development Bank of Namibia last week, saying despite calls for support, government is not doing anything to address the plight of struggling businesses.
“Now that everyone is back at work in particular banks, law offices, clerks, messengers of courts, notices are being delivered and properties are being auctioned, using outdated South African colonial banking laws which were never amended nor changed to suit our economy,” the network said.
The banking sector is using South African laws to their advantage to repossess properties, it added.
“We are not South Africans, we are Namibians. We should have Namibian laws tailor-made to suit our needs.
“With the poor performing economy, there are no buyers in the market. Potential investors have no money; banks are now making offers at auctions themselves on these properties,” the network said.
We need bailouts
Government is also not doing anything to address the plight of struggling businesses, the group said.
“Since 2019, this network has been engaging banks, the ministry of finance and the leadership of the country to bail out black businesses. Nothing is forthcoming.”
They further called on government to come to the aid of black-owned businesses.
“Disadvantaged businesses need government bailouts like what the previous regime did for its people. If government can spend N$1 billion on Covid-19, the census and state funerals, surely government can avail N$1 billon to keep businesses open and stimulate our economy.
“It is the duty of government to keep businesses open and create an enabling environment that supports businesses like us,” the network said.
Business owner Twapewa Kadhikwa said black-owned businesses are struggling because they do not own all the factors of production.
“We need to understand our economy is not in our hands. As black people, we are on the consuming end. The value flows to the owners of the factors of production. We do not own the means of production,” she said.
WINDHOEK
A group calling itself the Black Business Leadership Network of Namibia on Friday staged a demonstration in Windhoek to demand, amongst other things, that the Bank of Namibia reign in commercial banks, who are often too quick to repossess the properties of struggling businesses.
The group led a demonstration to the Office of the Prime Minister, the Bank of Namibia and the Development Bank of Namibia last week, saying despite calls for support, government is not doing anything to address the plight of struggling businesses.
“Now that everyone is back at work in particular banks, law offices, clerks, messengers of courts, notices are being delivered and properties are being auctioned, using outdated South African colonial banking laws which were never amended nor changed to suit our economy,” the network said.
The banking sector is using South African laws to their advantage to repossess properties, it added.
“We are not South Africans, we are Namibians. We should have Namibian laws tailor-made to suit our needs.
“With the poor performing economy, there are no buyers in the market. Potential investors have no money; banks are now making offers at auctions themselves on these properties,” the network said.
We need bailouts
Government is also not doing anything to address the plight of struggling businesses, the group said.
“Since 2019, this network has been engaging banks, the ministry of finance and the leadership of the country to bail out black businesses. Nothing is forthcoming.”
They further called on government to come to the aid of black-owned businesses.
“Disadvantaged businesses need government bailouts like what the previous regime did for its people. If government can spend N$1 billion on Covid-19, the census and state funerals, surely government can avail N$1 billon to keep businesses open and stimulate our economy.
“It is the duty of government to keep businesses open and create an enabling environment that supports businesses like us,” the network said.
Business owner Twapewa Kadhikwa said black-owned businesses are struggling because they do not own all the factors of production.
“We need to understand our economy is not in our hands. As black people, we are on the consuming end. The value flows to the owners of the factors of production. We do not own the means of production,” she said.
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