WINDHOEK – The Namibian economy is being stolen by foreign investors because lawmakers are asleep and they are more interested in the macro-economic environment while neglecting the micro-economic side of the economy, says outspoken Swapo parliamentarian Kazenambo Kazenambo.
Kazenambo, who recently joined the ruling party’s Politburo, made the remarks in parliament on Tuesday during the budget debate. He did not mince words when he accused his fellow parliamentarians of “sleeping while the economy is being stolen”.
“Our economy is being stolen because we are concentrating only on the macro-economic environment, while forgetting that the economic system composes of two legs,” said Kazenambo.
He outlined that government would struggle to develop a solid economic system if the micro-economic component is not addressed.
“The commercial economy in this country is predominantly dominated by multinationals and foreign companies. If you think I am sucking this out of my thumb then walk down Independence Avenue and see how many shops are owned by Namibians,” said Kazenambo.
He said a huge chunk of the money that is spent by the state ends up in foreign hands.
“When we analyze the budget we do not ask where the money goes or how it floats in the market,” said a concerned Kazenambo.
“I am not promoting xenophobia, I am merely talking about economic facts,” he said.
Kazenambo lauded the Minister of Finance Saara Kuugongelwa-Amadhila for going out of her way to address the issue of the micro-economy, but stated that the economy of a country is not developed on the basis of one component.
“You can have a good macro-economic system, fiscal system and the best monitoring processes, but if the component of micro-economics is not addressed, forget about developing a solid economic system,” he said.
He also admitted that government is not doing enough to empower Namibians to make inroads in the foreign-dominated tourist sector.
“Most of the tour operators and hotels are foreign owned, we are not regulating and monitoring this sector to see how our people are benefitting,” Kazenambo said.
As more and more foreign-owned companies continue to infiltrate the private business sector, there are fears that the economic base from which government is supposed to generate revenue through tax collection is depleting.
“What and who are we taxing if the private sector is dominated by foreigners. The economic base where you [government] must collect tax is shrinking because foreigners are dominating the market because they have the economic muscle,” said the MP.
Kazenambo partly attributed the situation to the fact that local businesses find it hard to access finance services.
“The cost of doing business and accessing money in this country is a nightmare,” he said
By Mathias Haufiku