Namibia’s true wealth lies not in its mines, oil, gas, or sea, but in its people, especially its creative minds said the governor of Bank of Namibia Johannes !Gawaxab at the central bank’s Annual Symposium 2025, held under the theme “Unleashing the Power of the Creative Industries.” 

!Gawaxab said the creative industry has the power to drive growth, create jobs, and shape Namibia’s future. “Our greatest wealth lies in the vibrant and dynamic realm of our creatives,” he said. 

The governor noted that Namibia’s labour market remains under pressure, with slow job growth and weak consumer spending. To help the economy recover, the central bank recently cut the repo rate by 25 basis points. 

While inflation is stable and the outlook is positive, !Gawaxab warned that income inequality is growing both in Namibia and around the world. “Africa’s total output is about US$2.8 trillion, yet one company in the United States is worth five trillion. That shows the deep inequality we face,” he said. 

He added that the bank is supporting innovation through initiatives like digital payment systems, which help small businesses and creatives get access to finance, and a FinTech Youth Programme, which trains young Namibians for the digital economy. 

!Gawaxab also pointed to the Namibia Regulators Forum, which promotes policies that encourage innovation and growth in emerging sectors. 

“Namibia’s future depends on its people. If we invest in creativity and innovation, our nation will thrive,” he said. 

Speaking on behalf of President Netumbo Nandi- Ndaitwah, Minister of Education, Innovation, Sports,Youth, Arts and Culture, Sanet Steenkamp said the creative industries has been identified as a key driver of inclusive growth, a central pillar of the SWAPO Party Manifesto 2024 and the Sixth National Development Plan (NDP6). 

“The future of our nation will not be defined by the resources beneath our soil, but by the creativity that rises from within our people. For too long, Namibia’s economy has relied on a narrow base, mining, fisheries, and agriculture. These sectors have indeed created value, but not enough jobs, not enough inclusion, and not enough resilience,” she said. 

She added that, the creative economy is one of the world’s fastest-growing sectors, an ecosystem that fuses culture, commerce, and technology. From film and music to fashion, design, gaming, and digital content, it generates more than US$2.3 trillion annually and contributes over 3% to global GDP. 

“We have elevated the creative industries to a national priority and integrated them as a core pillar in NDP6. We are allocating funding to arts and creative initiatives, and strengthening partnerships with UNESCO to improve copyright protection and institutional capacity,” said Steenkamp. 

“Institutions such as the Namibia Film Commission and the National Arts Council have received increased funding, and this support will continue. Furthermore, we have launched the National Youth Development Fund, allocating N$257 million to empower young Namibians, including those pursuing creative ventures,” she added. 

She further said, through the Namibia Investment Promotion and Development Board (NIPDB), they are shaping the vision of a “Film and Creative City”, a space to attract investment, strengthen the value chain, and showcase Namibian talent to the world. 

“Our national target is clear, to double the creative sector’s contribution to GDP from 1.5% to 3% within the next five years,” she said.Steenkamp stated that, the creative sector continues to face significant barriers, fragmented policies, lengthy licensing processes, limited access to finance, and weak intellectual property protection. 

“Therefore, I call upon the Ministry of Information and Communication Technology, working alongside the NIPDB, to fast-track the development of a distinctive national brand that defines who we are, what we create, and what we stand for. 

To our young people, the digital natives of this generation, I say this: Move from being consumers of global content to producers of uniquely Namibian stories, products, and ideas. 

Your creativity is not a pastime. It is an economic force and it is your contribution to nation-building,” she said. 

-pmukokobi@nepc.com.na