Economic emancipation turning out to be difficult-Mbumba...as he accepts chancellorship role at UNAM
April 8, 2018, 6:23pm
In his acceptance speech for the role of chancellor of the University of Namibia (UNAM), Vice President Nangolo Mbumba has admitted that the economic liberation of the country is becoming tough.
Mbumba was last week inaugurated third chancellor of the university at a prestigious ceremony at NIPAM whose presence was marked by high profile politicians and the academia.
In supporting his admission, Mbumba highlighted areas in which the economy has been dealt a blow which saw a slow down in business and less spending patterns.
But he maintained that the cost-cutting measures instituted by the government will help weather the storm.
He was adamant that government was not to blame for the mess but blamed “an unfortunate confluence of global events typical of an interconnected global market, which culminated in adverse economic conditions for many countries the world over.”
“Government is doing its best to contain the situation,” he said adding that money must be spent on productive sectors to move out of the recession.
He said since government does not have capital, it is faced with the option of either attracting investment or borrow some more.
So fa Namibia’s debt to GDP has ballooned over the years to alarming levels and is expected to continue to expand totaling over N$100 billion by 2020/21 which represents a close to N$85 billion increase in the public debt stock over a 10-year period or growth of 617%.