WINDHOEK, 17 MAY – Namibia has difficulty dealing with issues of over-supply or deficits of skills in workplaces, Deputy Minister of Labour, Industrial Relations and Employment Creation, Tommy Nambahu said Wednesday.
Speaking during the Namibian Employers’ Federation (NEF) Annual General Meeting in Windhoek, he said skills deficits or the over-supply thereof are a result of a lack of planning for the labour force.
“There is a need for diversification of skills to ensure that people are able to do more in various areas of their professions or workplaces,” Nambahu said.
The AGM discussed NEF’s financial reports for 2017 and was attended by various employers, senior officials in the labour ministry and members of the federation.
Also present at the meeting was Dawie Roodt, a South African economist who spoke about the role of reserve banks and monetary policies.
Roodt said central banks play a powerful role in the financial market.
“Traditionally, the role of central banks around the world in the past was to make money. However, today, these banks are responsible for everything,” he said.
Roodt said central banks influence interest rates in investments, adding that international central banks cutting interest rates by up to zero per cent in some instances in the past few years, had a huge impact on smaller economies, including Namibia.
The European Central Bank is one such example of a country that cut its interest rate to below zero per cent, which it has maintained since 2014.
He said the reduced interest rates create a difficult situation for investors, who expect returns from their investments.