PRETORIA, South Africa – President Hage Geingob of Namibia on Wednesday said despite his country’s achievements in governance, deficits persist in the socio-economic architecture.
The president emphasized this point in his keynote lecture at the two-day Economic Growth Summit which kicked off in Windhoek, Wednesday.
“Too many of our people face the scourge of poverty daily, while a large wealth gap and income disparities persist from our history of systemic exclusion,” he added.
According to Geingob, the status quo cannot continue, and the structural imbalances should be addressed.
“It is in light of this background and the prevailing economic climate, that I announced in my 2018 State of the Nation Address, government’s intent to convene an economic summit of this nature,” he added.
Known in Africa for its robust governance architecture, peace, stability, unity and the rule of law since independence, Namibia remains intact after 29 years, according to the country’s president.
In March 2019 President Geingob appointed a High-Level Panel on the Economy to look at an alternative, practical solutions, aimed at redressing the triple challenge of unemployment, income and wealth inequalities, and poverty.
“This Economic Growth Summit is, therefore, a flagship output of the work of the panel and is expected to yield private-sector-led economic revival,” he said.
According to the President, the two-day event is no ordinary economic summit but rather an undertaking to determine the economic purpose of the country.
The President said the expected outcomes of the summit should result in positive, long-term impacts on the country’s economy.