President Hage Geingob says the Namibian economy is on the rebound after a long period of lethargic global economic growth and depressed commodity prices, which had a negative effect on the economy. The President said this yesterday when he officially opened the 2023 legal year at the Supreme Court of Namibia.
The event, which was graced by members of Cabinet, judges of the High and Supreme Courts and other members of the legal fraternity, is a yearly occasion where the Chief Justice gives his state of the judiciary address.
Geingob said although the negative outlook was exacerbated by persistent droughts and the Covid-19 pandemic, there are positive signs that the economy will slowly bounce back this year.
“The good rains received in most parts of the country so far should result in the increased use of productive land, and thereby contribute to our economic recovery activities,” he noted.
The President thus called on the nation to deploy its best endeavours in reigniting the strength of the nation, and to look to the future with renewed hope and optimism.
Geingob further said the intensified efforts of government to invest in the development of a green hydrogen sector are also beginning to bear visible fruits and in other sectors, green shoots are on the horizon, indicating that the country is emerging from a prolonged economic downturn. The green shoots, he added, are amplified by increasing tourist arrival numbers and high occupancy rates in most of hospitality establishments, with increased outputs from the mining sector another welcome sign of the recovery of the economy.
“The commencement of the development of a green hydrogen ecosystem as well as the recent discovery of commercially viable reserves are equally positive indicators of an economy that is on the rebound.
In a world determined to find solutions to reduce global carbon dioxide emissions and mitigate global warming, Namibia holds the potential answer through the green hydrogen development,” he enthused.
In the same vein, the head of state urged for the development of strong policy and legislative frameworks to seize the moment and ensure equitable development.
According to the president, all of this brings with it optimism for improved fortunes for the whole nation.
Photo: The Judiciary