The Bank of Namibia has declared an unprecedented dividend payment to the government as part of unveiling its 2024 Annual Report. This report highlights a period marked by robust financial outcomes and significant strategic milestones.

At the launch, Central Bank Governor Johannes !Gawaxab highlighted the institution’s achievements and its strategies for tackling the swiftly changing financial environment.

The report underscores strong domestic economic activity in 2024, featuring steady growth albeit at a reduced pace of 3.7%, compared to 4.4% in 2023. The slowdown can largely be traced back to a decline in primary sectors. Nonetheless, both secondary and tertiary industries reported increases, which helped maintain overall economic balance.

One notable accomplishment emphasized was the bank’s effective control over inflation, keeping it within targeted levels. “Our dedication to ensuring price stability has produced substantial outcomes,” said the Governor, pointing out thatheadlineinflation slowed down to anaverageof 4.2% in 2024.

In financial terms, the Bank of Namibia showed robust performance, largely due to an increase in investments. Consequently, it announced a record-breaking dividend of N$720 million to the government, marking a new peak for the organization.

!Gawaxab likewise highlighted the robustness of the financial system, pointing out its adequately capitalized banking industry and growing non-banking segment. He stated, “Trust is the capital of the financial system,” underscoring the significance of sustaining stability for enduring development.

In the future, the bank presented its strategic plan for 2025 through 2027, centered around three main themes: “creating a tech-savvy central bank,” “promoting an accessible and robust financial ecosystem,” and “adapting to a varied economic landscape.” Important steps outlined involve implementing an Immediate Payments Program, advancing digital oversight tools, and introducing a Central Securities Depositary system.

The bank intends to revamp its main office building by setting up a Money Museum, Knowledge Center, Auditorium, and Innovation Hub. These spaces will act as venues for community interaction and educational exchange.

The Governor recognized the difficulties lying ahead, encompassing issues like artificial intelligence impacts, cyber security risks, and climate change concerns. He urged cooperation between governmental bodies and controlled organizations to maintain an adaptable and forward-looking financial industry.

“We have numerous goals to accomplish—working together,” he stated confidently, believing in the bank’s capability to steer through changing financial conditions and support economic growth.