Namibians must help create conditions for broad-based economic growth: Geingob

21 Mar 2018 16:30pm
WINDHOEK, 21 MAR (NAMPA) – President Hage Geingob has called on Namibians to join hands in order to create the conditions for broad-based economic growth.
Addressing the 28th Independence celebrations in Tsumeb on Wednesday, the Head of State said the past four years have been fraught with headwinds, bought about by a global economic downturn, characterised by falling commodity prices and exchange rate fluctuations.
“This ‘perfect storm’ as some have termed it has had a direct impact on our economy and revenue base. We have as a result implemented the biggest expenditure cuts since Independence,” he said.
He said Government is aware that some of the necessary interventions have hurt small businesses and led to job losses.
“It is why as Government, we are encouraging Small and Medium Enterprises to diversify their business portfolio,” Geingob said.
The president further stated that these exceptional circumstances have prompted a review of priorities.
“The Republic has remained in tact, but the reality of the economic downturn has necessitated new thinking in Government on how to ensure a diverse and inclusive growth model, based on fiscal prudence and sustainability to weather turbulent economic storms,” he stated.
Geingob said Namibia is now at a critical stage and all hands are needed on deck in order to create the conditions for broad-based economic growth.