Namibia calls for fairer global financing at G20 Summit

President Netumbo Nandi-Ndaitwah addressing the session on Inclusive and Sustainable Economic Growth at the G20 Summit (Photo by Namibian Presidency via X)

Namibia has called on world leaders to overhaul the global financial architecture, arguing that developing nations continue to shoulder unfair borrowing costs that hinder growth and deepen inequality.

Speaking at the G20 summit in South Africa, President Netumbo Nandi-Ndaitwah commended President Cyril Ramaphosa and the South African government for bringing the forum to the continent and placing Africa’s development priorities firmly on the agenda.

Addressing the session on Inclusive and Sustainable Economic Growth, President Nandi-Ndaitwah stressed that both the AU’s Agenda 2063 and the UN’s 2030 Agenda demand that global development be approached from an African perspective — one that acknowledges real conditions on the ground rather than outdated assumptions about risk.

The President spoke about what she called a “debt trap” facing developing states, driven by high capital costs tied to perceptions that do not reflect economic reality. As an example, she shared that the country had honoured its international obligations by redeeming its US$750-million eurobond on time, demonstrating fiscal discipline, yet is still labelled a high-risk country by global decision-makers.

The government argued that international financial institutions must be reformed to become more inclusive, representative, and better equipped to respond to modern economic pressures. Without such reforms, it warned, the world risks worsening a looming global debt crisis that will widen the gap between rich and poor nations.

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Namibia made it clear it is not seeking handouts, but equitable access to financing. It encouraged investment in value-added industries at home, especially in natural resources and critical minerals, to ensure broad-based benefits for its citizens as it pushes for industrialisation.

The country also underscored the need for responsible debt management, stronger protections for essential services such as education, health, and infrastructure, and more predictable development financing. It called on G20 leaders to enhance debt-treatment frameworks and offer concessional financing to countries demonstrating sound fiscal governance.

As global inequality continues to rise, Namibia said fair taxation, financial inclusion, and strong social-protection systems must anchor future economic policy.