BoN Hosts CCBG Opening Session
08 September 2023 | Media Release
Distinguished Central Bank Governors from across Southern Africa gathered for the 57th Committee of Central Bank Governors (CCBG) meeting, hosted by the Bank of Namibia in Swakopmund, Erongo Region. The event featured a panel discussion focused on sustainability within the financial system and was opened by the Prime Minister of the Republic of Namibia, Right Honourable Saara Kuugongelwa-Amadhila.
In her welcoming address, the Prime Minister recognised the successive series of natural disasters, droughts, and floods Southern Africa had endured due to climate variability. She noted food insecurity as one of the effects the El Nino phenomenon had caused in Namibia and spoke to the drought relief programme that the Government of Namibia would undertake until the end of June 2024 as a means to support affected communities. The Prime Minister stressed the need for the financial sector to adapt and craft creative techniques and models to mitigate the impact of climate-related shocks and their macroeconomic implications.
The panel discussion featured five distinguished panelists who provided valuable insights into the critical themes of the event: the Governor of the South African Reserve Bank and Chair of the CCBG, Mr. Lesetja Kganyago; the Governor of the Bank of Namibia, Mr. Johannes !Gawaxab; the Governor of the Bank of Mozambique, Mr. Rogério Zandamela; Executive Board Member of the Deutsche Bundesbank, Dr. Sabine Mauderer; and, the Chief Executive Officer of Environmental Investment Fund of Namibia, Mr. Benedict Libanda.
Said !Governor Gawaxab: “Namibia's commitment to Green Hydrogen is a clear demonstration of our dedication to addressing climate change while fostering economic growth. The production and export of Green Hydrogen aligns with our climate resilience goals of reducing greenhouse gas emissions, enhancing energy security, and diversifying our economy – and we believe that this initiative will enable us to tackle climate change whilst simultaneously promoting sustainable economic development.”
The discussions reaffirmed the commitment of the represented central banks and financial institutions to work towards addressing the pressing challenges posed by climate change. The proactive measures shared by the respective panellists underscored the importance of building resilience within the financial system while actively contributing to positive environmental change. Further to this, the engagement emphasised the need for international cooperation and equitable partnerships, ensuring that no one is left behind on the journey towards a greener financial system.
