Bank of Namibia symposium highlights agriculture’s growth potential

The Bank of Namibia concluded its 25th Annual Symposium in Windhoek today, focusing on the theme, “Global Value Chains for Inclusive Development: How Can Namibia Position Its Agriculture Sector?” The event brought together experts and stakeholders to discuss strategies for strengthening Namibia’s agricultural sector to drive inclusive growth.

BoN Governor Johannes !Gawaxab, in his address, highlighted the critical role of agriculture in Namibia’s economic development. He referenced a recent World Bank study that found growth in the agricultural sector to be two to four times more effective in raising incomes among the poorest compared to other sectors.

Principal Agricultural Marketing and Finance Economist at the Natural Resources Institute, Dr. Gideon Edu Onumah, shared further insights, noting that global value chains contribute 60% of world trade and directly employ approximately 453 million people. He stressed the importance of Namibia’s participation in these global value chains to enhance economic resilience, food security, and sustainable development.

The local agriculture sector contributes around 5% of the national Gross Domestic Product though 25% to 40% of Namibians depend on subsistence agriculture and herding. Primary products included livestock and meat products, crop farming, and forestry. Only 2% of Namibia’s land receives sufficient rainfall to grow crops.

The symposium closed with talks on how Namibia can better position its agriculture sector to benefit from global trade and drive inclusive economic growth.