Namibia’s Central Bank Governor, Gawaxab, Asks Country to Prepare for Impending Digital Revolution

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Nwolu Obiajulu

Obiajulu Nwolu is an established writer at africannewstoday.com. He is passionate about African affairs. He loves writing about interesting facts relating to the African continent and enjoys sharing his knowledge with others.

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Bank of Namibia (BoN) governor, Johannes Gawaxab has asked the country to get ready to deal with an impending digital revolution and utilize the technological innovation for greater good.

Gawaxab made the statement on Thursday at the bank’s 30th anniversary celebration event, reflecting on its progress over the past years while anticipating continuous growth in the next 30 years and beyond.

Gawaxab said BoN has been influential in ensuring long-term macroeconomic stability in the country over the past 30 years and has been able to deliver on its core mandate of implementing monetary policy, safeguarding stability, and promoting economic development in Namibia.

According to Gawaxab, “On the monetary policy function, the role of the bank has been to set an interest rate path that ensures the maintenance of the value of the Namibia dollar vis a vis its anchor currency,” he added that they have thus far done relatively well.

Gawaxab noted that inflation has been curbed to a great extent over the past 30 years, prompting greater predictability for economic agents, while the country brags of a stable, sound, well-regulated, and modern financial system.

He said, “The 30-year journey of central banking in Namibia was, however, not without challenges. A major challenge at the onset was to find qualified and experienced Namibian central bankers to carry out the mandate.”

According to Gawaxab, the bank oversaw a successful capacity building and training program that produced skilled personnel over the years, not only for the bank itself but for the country at large.

Gawaxab meanwhile reiterated the resolve of the central bank to continue leading change as it thrives to overcome the turbulent economic situation at the moment.

Article 128 of the Constitution of Namibia paved the way for the bank in July 16, 1990.

Source: CGTN Africa