• Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap
Africa News Wire
  • General
  • Business Affairs
  • Lifestyle
  • Health Care
  • Sports
  • Legal
  • Study
  • National
  • Press Releases
  • Home
  • Business Affairs
  • Kuugongelwa-Amadhila launches Financial Sector Strategy

Kuugongelwa-Amadhila launches Financial Sector Strategy

WebDesk
August 16, 2012August 18, 2012 No Comments

WINDHOEK: Finance Minister Saara Kuugongelwa-Amadhila on Thursday launched the ten year Namibia Financial Sector Strategy (2011-2021) aim to restructure and develop the Namibian financial sector in the country.

Kuugongelw-Amadhila said the Strategy provides a sector development blueprint which will ensure its inclusiveness, competitiveness and resilience.

She stressed that the strategy enlists a suite of strategic actions aimed at addressing structural weaknesses in the sector and unlocking the full potential of the financial sector in respect of its contribution to the economic development.

“We take pride in the stability of our financial system. It is on account of this financial stability that our economy withstood the adverse impacts of the global financial and economic crises. However, the manifest financial stability disguises historical structural weaknesses,” Kuugongelwa-Amadhila said.

She stressed that a dichotomy of a multi-billion dollar industry, with assets valued at over twice the size of the Gross Domestic Product (GDP) on the one hand and, an enclave of limited access to finance, skills shortages and under-developed capital markets on the other hand, still exists.

Thus, the minister said this situation requires a paradigm shift, resoluteness and focus in addressing the challenges facing the Industry.

She added that the NFSS also serves as an overarching blueprint for accelerated sector development and reform.

Kuugongelwa-Amadhila stated that the actions engendered in the Strategy are aimed at addressing the historical weaknesses in five core areas of sector development, namely financial markets deepening and development, financial safety net, financial inclusion, localisation of the Namibian Financial Sector, and skills development

She explained that in the area of financial markets deepening and development, the strategic activities are aimed at strengthening the contribution of the financial sector to economic growth and strengthening the stability and robustness of the financial system.

The minister said this will to be achieved through the promotion of expanded product offerings, and development of capital market characterized by, among others, an active Stock Exchange.

Kuugongelwa-Amadhila added that an appropriate assessment will be undertaken to continuously shore up the stability of the financial system and the viability of financial safety nets to buttress the country crisis response mechanism in the event of possible future shocks to the sector and the economy in general.

She said in order to drive the financial inclusion agenda, the Financial Inclusion Council under the stewardship of the Prime Minister Nahas Angula was established to provide innovations to cater for the needs of the market.

The minister further stated that access to affordable finance for low-income earners and small and medium enterprises (SMEs) represents a significant barrier to economic participation of these market segments.

“The financial industry can overcome the challenges of limited economies of scale and geographical spread by harnessing technology and innovative approaches to reach out to the underserved. Increased attention will be given to promoting the emergence of micro-finance institutions,” she said.

Post navigation

Two Ngepi murder suspects released, four others arrested
Shiimi calls for cooperation in implementation of NFSS

Related Articles

National Planning Commission hosts webinar to review economic progress towards the NDP’s Vision for 2030, 21 Jan

- Business Affairs
January 19, 2021January 20, 2021

MEC David Maynier calls for extension of UIF-Covid19 TERS to save businesses and jobs

- Business Affairs
January 19, 2021January 20, 2021

Upgrading Caribbean disaster preparedness and response capacities: Caribbean nations work together for regional resilience

- Business Affairs
January 18, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

News Search

Page Links

  • Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap

Advertisement

MonthlyArchives

Advertisement

News Archives

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    
© Copyright 2021 - Africa News Wire. All Rights Reserved
  • Home
  • About Us
  • Contact Us
  • Submit Press Release
  • Sitemap