The Bank of Namibia yesterday hosted its annual diplomatic stakeholder engagement, a key platform for fostering dialogue with heads of mission, multilateral institutions, and development partners. The engagement was convened against the backdrop of increasing global uncertainty and complex economic shifts, with the Governor of the Bank of Namibia, Mr. Johannes !Gawaxab, delivering the keynote address.

In his remarks, Governor Gawaxab welcomed the diplomatic community and expressed gratitude for their continued interest in the Bank's work. He highlighted the emergence of a new world order defined by evolving geopolitical developments, intensified trade tensions, and rapid technological advancement. These global dynamics, he noted, are challenging traditional frameworks around globalisation, multilateralism, and market openness, calling for enhanced institutional agility and strategic foresight.

The Governor remarked, “Although it is impossible to predict the future with certainty, the combined speed of these changes underscores the necessity for institutions, such as central banks, to continue to serve as guardians of stability in an environment characterised by volatility. As a central bank, we remain anchored to our mandate of price stability and financial stability.”

A comprehensive economic presentation outlined the global and domestic economic landscape. The global economy is projected to grow at a subdued pace of 2.8 percent in 2025 and 3.0 percent in 2026, amid continued volatility in trade and financial markets. On the domestic front, Namibia’s economic growth is expected to improve moderately to 3.8 percent in 2025, rising slightly to 4.0 percent in 2026. This improved growth is being driven by improved performance in the agriculture, non-diamond mining sector, electricity and water as well as construction, despite external pressures such as global price declines in diamonds and the potential impact of tariffs on some exports.