Monetary stability key cornerstone

In the absence of a sound monetary system, investments decline, growth falters, and the aspirations of the people of the Southern African Development Community (SADC) are jeopardised.

“Our economic order is built on the pillar of monetary stability,” Bank of Namibia (BoN) governor Johannes !Gawaxab said Friday. He opened the 57th SADC Committee of Central Bank Governors Meeting in Swakopmund.

!Gawaxab reminded the meeting that the committee’s efforts at financial integration rely heavily on this stability, which serves as “the fundamental cornerstone”.

“Let us keep in mind that stability is not only a goal, but a compass guiding us toward a future of economic resilience and shared prosperity as we push for greater macroeconomic convergence and integration,” he said.

According to the BoN governor: “From a bipolar to a multipolar world order, we are currently experiencing one of the most significant shifts in recent history.”



Strategically positioned



Traditional power centres are undergoing transformation as emerging economies rise in prominence. The growth and influence of the BRICS group exemplify this trend, !Gawaxab said.

SADC strategically positioned to capitalise on these changing dynamics, he added.

Friday’s meeting took place against the backdrop of a challenging and uncertain global economy characterised by low growth, high inflation, high interest rates and high debt levels, !Gawaxab pointed out.

“Additionally, we must recognise and acknowledge the pressing issue of climate change, which brings with it a multitude of risks such as droughts, fires and floods,” he said.