GOVERNMENT’S prosaic resolve to eradicate poverty and deficiencies characterising the country is vastly being aided by Presidents Hage Geingob’s administration’s intent to lead from the front.
Without eroding the critical elements of productive leadership, the administration appears ready to walk the talk and as proven testimony by the recently held Invest in Namibia conference and is scaling up the fight on poverty, corruption, transparency and strengthening institution governing the wellbeing of the state.
It remains unfortunate that President Hage Geingob took over at a time when national resources had been eroded by the previous administration coupled with wide deficits in Namibia’s socio economic architecture but his activities have led the charge to improving economic mobility and sustainability through job opportunities and overcoming misconceptions about ‘doing business in Namibia’ by providing information to better assess risk and increase capital flows
Indeed, due to rapid economic growth, the local economy has expanded by a factor of close to 30 times in nominal terms. This has put some pressure on infrastructure development, including electricity, water and transport but the invention on the presidency via the conference can be viewed as an effective driver of socio-economic development in Namibia as it drew on the power of capital to advance business models and entrepreneurs that intentionally create and combine social, environmental and financial value.
Needless to say that this initiative (the conference) has netted the country investments worth billions of dollars, with the cream on top being the steel manufacturing plant which is worth an estimated US$250 million to be set up at Otavi. In total, the conference spawned 11 investment commitments that include two signed agreements and one joint venture deal. Others are commitments for further in-depth discussions and negotiations between private investors and Namibian institutional and individual investors.
It is without doubt that in order to promote further investment in the country, Government has to find ways to reduce the cost of doing business which is subsequent to corruption by public officials.
As a direct result of corruption in both the public and private sector, billions of dollars’ worth of taxpayers’ and other public funds have been siphoned out of the Government purse and ended up in personal coffers of those that exploit the Government system and rampantly increase investment costs.
It should always be noted that accountability for taxpayers’ money is an inextricable part of good public management and democratic Government. It can provide assurance over Government’s activities, highlight improvement actions, improve policy-making, and engage stakeholders and service users in decision-making. Good governance, whether in the public or private sector, is always a challenge. While we want and expect people to act with honesty and integrity, in too many cases, self-interest, greed, and a lack of respect for the rights of others overcomes the basic obligation to act ethically. Essentially accountability is one of the fundamental tenets of effective governance in both the private and public sector.
Conclusively, the long-term outlook for Namibia remains good. Key economic fundamentals, including fiscal sustainability and sustainability of the external current account remains intact. As such the Government appears committed to managing the economy in a prudent and responsible manner, and has already instituted, expenditure, revenue and structural reform measures to address concerns raised by rating agencies about the medium-term outlook of Namibia which posits that the 2016 investment conference could be the catalyst desired to rekindle the Vision 2030 dream.
Confidente. Lifting the Lid. Copyright © 2015