President Netumbo Nandi-Ndaitwah on Saturday told world leaders at the G20 Summit in Johannesburg that the current global financial system is worsening poverty and threatening economic stability, urging major economies to reform debt rules and ensure fairer development for all.

Speaking during the session on inclusive and sustainable economic growth on the African continent for the first time, on Saturday,  Nandi-Ndaitwah warned that developing countries cannot advance if the international system continues to push them deeper into debt and limit their access to trade and financing.

The Namibian leader delivered one of the strongest messages of the summit when she declared that  “If our financial architecture is not fit for purpose, we will continue to see the pressures of a looming global debt crisis that intensifies imbalances between developed and developing countries.”

The President told G20 leaders that Africa’s priorities must be taken seriously in shaping future economic policies, saying the continent’s development challenges cannot be ignored any longer.

“We cannot emphasise enough the growing recognition of Africa’s role in the global economy and the importance of addressing development priorities from an African perspective,” she said.

Namibia’s example

Nandi-Ndaitwah used Namibia’s own management of debt as evidence that responsible planning is possible when countries have space to breathe. She highlighted the recent repayment of the 750 million US dollar Eurobond as proof of discipline.

“The redemption of our 750 million USD Eurobond demonstrates fiscal discipline, and responsible debt management, safeguarding resources for essential social and economic programmes in education, health and infrastructure,” she said.

However, she warned that even countries that manage debt carefully continue to face high costs that slow their development.

“Despite proactive measures, debt servicing costs remain a concern, crowding out development spending,” she said, calling on the world’s biggest economies to act.

Namibia, she said, wants the G20 to “strengthen debt treatment frameworks and provide concessional financing to countries that demonstrate commitment to sound debt management.”

Inequality

The President also emphasised that fair trade is central to lifting millions out of poverty.

“Trade enables countries to integrate into global value chains, create jobs and stimulate innovation,” she told the summit.

She said Namibia is pushing for value addition and economic diversification so that its resources can deliver wider benefits. She pointed to the Zero Hunger Road Map, implemented in 2016, as part of national efforts to tackle poverty and keep citizens included in development.

“This multi-sectoral initiative strengthened food security, promoted rural development and continues to inform national strategies,” she said.

Her second major warning focused on rising inequality, which she described as a global threat.

“Unchecked wealth inequality threatens sustainable development and social cohesion,” she said.

She highlighted Namibia’s progress in expanding social protection, saying old-age grants now cover almost all eligible citizens and child grants continue to grow in reach.

“Inclusive growth must empower all citizens to share equitably in the benefits of development,” she said.

President Nandi-Ndaitwah ended by urging the G20 to back three priorities which are  stronger trade-driven economies, sustainable financing with responsible debt management, and reduced inequality.

She told world leaders that Africa and other developing regions want a global system that listens to them, supports their growth and leaves no one behind.

“Only an inclusive and representative international system will have the capacity to respond to present day challenges,” she said.

-ljason@nepc.com.na