By Josef Kefas Sheehama
First, let us define economic success. Economic success is defined by the creation of jobs, higher per capita earnings, the number of people lifted out of poverty, increased gross fixed capital formation by not only industries but also families, and a few other factors.
Every country must make sacrifices to establish it; else, it is just a piece of land. Remember that diamonds are formed under pressure, so hang in there. Recognizing actual economic advancements that affect our well-being and even survival necessitates an understanding of and use of psychological tendencies that motivate humans. In reality, a successful economic strategy requires that all segments of society work together to mentally determine how to modernize society as a whole. One segment of society cannot be moving in one way while another segment is moving in the opposite direction. Sooner or later, there will be a collision. We need to collaborate. According to His Excellency Dr Sam Nujoma, the nation’s Founding Father, “a people united in fighting for the common good for all parts of society would emerge victorious.” As a result, as we advance into new industrial fields, the entire population must be willing to adapt their views and even social ideas. Indeed, all sectors of society must recognize the wisdom of altering our ideas on how to conduct business and earn a livelihood in this new and changing environment that modernization is imposing on us. Let’s face it, it’s time to retire the old thinking. To be honest, I believe most of us have learnt our lessons in this area, and we will most likely not have to undergo similar economic difficulties in the future. But, for the sake of the country and the world, we must all grow together as ONE NAMIBIA and be willing to modify our ways, rather than developing the two- or three-tier culture that many other countries still rely on.
Furthermore, to achieve economic success, we must make considerable progress in accelerating the development of the country’s manufacturing sector within the context of the overall and inclusive expansion of the economy. We must reduce our garbage. We must conserve our resources. The sooner we begin addressing it, the better. The Namibian economy has been stagnant, putting pressure on efforts to address historical structural inequality, unemployment, and poverty. There should be significant structural changes in the economy to enable growth and development. Many people have lost their employment, many have gone without income for extended periods, and many are hungry daily. Inequality and poverty are predicted to worsen. Given the magnitude of the devastation, the economic reaction necessary should meet, if not exceed, the magnitude of the disruption created. Namibia, like other emerging countries, is in desperate need of attracting foreign investment while also pushing economic reform. Infrastructure investment, delivery, and upkeep will play a key role in stimulating Namibia’s economy.
The need for leaders to see the value in creating an enabling environment for young people to tap into blue and green economic pathways to drive sustainable development and create jobs. Economic reforms together with structural and technological change are bringing about new business opportunities and the demand for new skills. This is an opportunity to provide youth with quick and affordable reskilling and upskilling opportunities while also building the long-term data infrastructure needed to expand the number of valuable credential pathways available in Namibia. Namibia’s economic policy includes developing a better-educated and more skilled workforce, enhancing competition, promoting innovation, halting and reversing de-industrialization, diversifying the economy into new sectors, building strong relations with other emerging economies and boosting intra-regional trade. The hope is that such broad-based industrialization will promote employment growth and increase the participation of historically disadvantaged people and marginalized regions in the mainstream economy. Addressing the problem of chronic unemployment and the recent decline in the country’s industrial and manufacturing capacity. The plans outline cross-cutting actions that are crucial for industrial development, such as industrial financing schemes and skills development programmes, and pinpoint sectors which are to be promoted through targeted support for investment, infrastructure and industrial upgrading.
To increase the local domestic and foreign supply of manufactured goods, the government should reform the Economic to convey shortcomings in the business environment by developing infrastructure and easing business regulations. The government should encourage the Minister of Industrialization, Trade and SME Development to monitor the country’s business regulations, tourism, foreign trade, foreign and public investments, environmental conversations and broader economic development planning. As part of the strategic plan to transform the agricultural sector, the politician should not administer the land consolidation and crop intensification programmes. This programme should be administered by the private sector. After the implementation of these programmes, additionally, numerous interventions and agricultural reforms should be implemented by the government to improve land use patterns. This included land reforms that permit the registration and regulation of land. It is crucial that before policies are implemented, the government can understand the mechanisms, workability and effect of such policies on the economy.
Furthermore, we should research the best economies and learn a few things about how they change their fortunes for the benefit of the citizens. For example, China’s productivity-enhancing agricultural reforms in the 1980s were spurred partly by growth in the non-agricultural sector, a result of policies aimed at stimulating township and village enterprises. Similarly, in the 1990s, China addressed the buildup of bad debt and unfinished construction projects as the result of state-owned enterprises’ chronic loss-making and excessive property investment by implementing institutional reforms that stimulated growth in more dynamic sectors, thereby offsetting the SOEs’ declining return on capital.
Since the implementation of Deng’s reforms, the interplay between the government and markets has been marked by resilience. Indeed, the late economist Gustav Ranis believed that the interacting dynamics of policy and market institutions were critical to the success of East Asian economies. Fiscal decentralization, for example, has served to fuel regional competitiveness and support a more market-oriented economic climate in China, owing to local institutions’ aspirations for greater autonomy.
To that aim, by cutting debt finance, macroeconomic stability would be strengthened, and the government would be able to operate the economy based on fiscal consolidation, which is within the government’s means to build a strong macroeconomic position. We must improve farmer opportunities while also focusing on the needs of undernourished populations. Food waste and loss are reduced by using fewer natural resources to create food. Greater nutrition entails reducing hunger and obesity through improved education as well as increased access to and availability of high-quality foods.
Reduced red tape, combating corruption, and preventing nepotism is therefore critical. Getting this right will result in a stable and predictable business environment, which will stimulate investment, generate jobs, and promote the development of higher-value goods and services in an economy. We require new policy frameworks and solutions that allow economies every opportunity to promote inclusive growth that is not limited to a small few. This entails looking beyond redistribution to other levers that encourage broad-based advances in living standards, such as entrepreneurship, well-functioning financial systems, and the promotion of ethical ideals in the commercial and public sectors.
