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EXCLUSIVE INTERVIEW: Expert Analysis on Rising Cost of Living: A Conversation with Professor Basilius Kasera

todayApril 16, 2024 5

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In a recent discussion, Professor Basilius Kasera from the University of Namibia sheds light on the pressing issue of rising prices and its implications on the lives of ordinary citizens. The conversation delves into various aspects of the current economic landscape, providing valuable insights into the challenges faced by individuals and families in meeting their basic needs amidst increasing costs.

Professor Kasera begins by highlighting the lack of effective measures to shield the public from the escalating cost of living. Unlike in South Africa, where the Public Servants Association advocates for governmental support, Namibia lacks similar structures. He expresses concern over the apparent absence of mechanisms to mitigate the impact of rising prices, leading to a scenario where essential goods become increasingly unaffordable for the average citizen.

The conversation touches upon the ripple effects of rising prices on various facets of life, including transportation, housing, and healthcare. Professor Kasera emphasizes that the burden falls disproportionately on low-income earners, who struggle to cope with stagnant wages amid soaring expenses. Even those with higher incomes find themselves grappling with the financial strain caused by the relentless surge in prices.

One particularly concerning aspect discussed is the impact of rising petrol prices on transportation costs and, consequently, the prices of goods and services. Professor Kasera dispels the notion that only affluent individuals are affected by petrol price hikes, highlighting how these increases cascade down to affect the prices of essential commodities, further exacerbating the financial strain on the general populace.

Furthermore, the conversation delves into the issue of mortgage rates, pointing out the lack of regulatory measures to stabilize repayments amid fluctuating interest rates. This situation adds to the financial burden faced by homeowners, making it increasingly difficult for them to meet their mortgage obligations.

Professor Kasera calls for urgent government intervention to address these challenges and suggests the need for comprehensive strategies to cushion the public against the soaring cost of living. He emphasizes the importance of fiscal discipline, advocating for austerity measures to rein in unnecessary expenses and redirect resources towards productive investments that stimulate economic growth and job creation.

Moreover, he underscores the role of the Bank of Namibia in fostering economic resilience by supporting initiatives that promote industrial development and job creation. He criticizes the current focus solely on interest rate adjustments, calling for a more proactive approach to address the root causes of economic instability and inequality.

In conclusion, Professor Kasera paints a sobering picture of the economic realities faced by ordinary Namibians, urging concerted efforts from both government and financial institutions to alleviate the burden of rising prices and restore dignity to individuals striving to make ends meet in an increasingly challenging environment.

Written by: Leonard Witbeen

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