WINDHOEK, April 3 (Xinhua) -- Namibia's regulatory framework must reflect its specific economic realities rather than copying policies from more advanced economies, Bank of Namibia Governor Johannes Gawaxab said on Thursday.
Speaking at a high-level roundtable engagement on smart regulation, Gawaxab emphasized the need for a flexible and progressive regulatory approach to address the country's unique socio-economic challenges.
The governor also cautioned against excessive regulation, which he said could stifle innovation, deter investment, and push businesses into the informal sector.
According to a statement released by the central bank after the event, the roundtable discussion focused on smart regulation and adaptive, outcome-based policies that reduce compliance burdens while safeguarding consumers.
Experts in attendance discussed key economic challenges, including Namibia's high unemployment rate of 36.9 percent, while exploring how regulatory reforms could address these issues by promoting job creation and economic diversification.
Participants agreed on the need for a more agile regulatory framework that adapts to market changes, strengthens cooperation between regulators and industry stakeholders, and enhances public-private partnerships, said the central bank.
They also pledged to engage policymakers to advocate for reforms that support Namibia's economic priorities in agriculture, industry, and enterprise development, it added. ■
