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March 2026
Informanté
Helena Mbotisaidsoft outturn reflects subdued demand rather than tightening financial conditions
Source
“"The soft outturn reflects subdued demand rather than tightening financial conditions. Corporates continued to make net repayments despite lower lending rates and contained inflation, reducing overall credit uptake. At the same time, the lower rate environment has supported selective household borrowing, particularly in mortgages and overdrafts," Mboti said.”
Helena Mbotisaidlow but improving mortgage growth suggests tentative improvements in household confidence
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“Mboti said that the low but improving growth rate suggests tentative improvements in household confidence and willingness to make long-term financial commitments.”
Helena Mbotistatedthe low development budget leaves room for private sector to fill gap in funding for developmental needs
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“"Although this may be a way for the ministry to manage expectations, given the low execution rate of the development budget, this does pose a concern, given the high capital expenditure required to enable NDP6. On the other hand, this does leave room for the private sector to fill that gap in funding required to meet developmental needs," stated Standard Bank Namibia Group Economist, Helena Mboti.”
Helena Mbotibringsa decade of experience across central and commercial banking
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“Mboti brings a decade of experience across central and commercial banking, offering a well-rounded, insightful perspective on macroeconomic policy, financial markets, and balance-sheet risk.”
Mbotiheldthe role of economist within the FirstRand Namibia Group
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“Mboti has also held the role of economist within the FirstRand Namibia Group across FNB/RMB, Ashburton, and Pointbreak, where she supported group-wide macroeconomic analysis and policy interpretation.”
Helena Mbotibringsmore than a decade of experience in central and commercial banking
Source
“In a media release issued on Friday, the bank said Mboti brings more than a decade of experience spanning both central banking and commercial banking.”
The government's N$500 million monthly fuel subsidy in response to rising oil prices is unsustainable and will not effectively help the poorest Namibians, according to economists. Several specialists argue direct cash grants to low-income groups would be more effective than broad price subsidies, while transport operators warn of industry strain from the fuel increases.
The government's N$500 million monthly fuel subsidy in response to rising oil prices is unsustainable and will not effectively help the poorest Namibians, according to economists. Several specialists argue direct cash grants to low-income groups would be more effective than broad price subsidies, while transport operators warn of industry strain from the fuel increases.
Private sector credit extension slowed to 4.2% year-on-year in January 2026, down from 4.4% in December, driven by weaker business credit and subdued demand rather than tightening financial conditions. Corporates continued making net debt repayments despite lower lending rates, though instalment and leasing credit remained strong at 17.4% growth, underpinned by vehicle sales.
Namibia's FY2026/27 budget allocates N$81.3 billion to operational spending but cuts capital expenditure to N$8.47 billion, prompting analysts to warn that low investment in infrastructure risks slower economic growth while debt servicing consumes 18% of projected revenue.
Finance Minister Ericah Shafudah presented the 2026/27 national budget under the theme 'People, Productivity and Prudence' amid a sluggish global economy, with Namibia's growth revised down to 2.9% for 2025 and projected at 3.1% for 2026. The budget faces revenue constraints from weak diamond receipts and lower customs union revenues, while expenditure exceeds revenue, with development spending declining notably as externally funded projects dry up.
As Finance Minister Ericah Shafudah tables the national budget, analysts warn that rising debt-to-GDP ratios and constrained fiscal space pose sustainability challenges, while economists call for policy clarity, strategic investment in education and infrastructure, and balanced spending to address unemployment and weak growth.
Economists warn that weaker-than-expected revenue collections will limit government spending and create difficult policy trade-offs, with limited fiscal space and elevated expenditure demands requiring disciplined management to keep the deficit within preferred levels. The upcoming budget is expected to clarify fiscal policy direction and investment frameworks while balancing revenue performance with expenditure commitments through improved resource prioritisation and efficiency.
The Economic Association of Namibia convened a public discussion on the upcoming National Budget, with economists emphasizing the need for growth to become more inclusive and highlighting the oil and gas sector's role in addressing unemployment and inequality. Panellists discussed tax incentives for venture capital and public-private partnerships as mechanisms to unlock investment and support entrepreneurship.
The Bank of Namibia is scheduled to announce its repo rate decision today, with most economists expecting it to hold the rate at 6.50% to maintain the 25 basis point differential with South Africa and support currency stability amid low inflation and weak economic growth. Some analysts argue there is room for a cut given inflation below 3%, healthy foreign exchange reserves, and subdued credit extension, though others warn that cutting risks capital outflow and higher household debt.
Standard Bank Namibia has appointed Helena Mboti as group economist. Mboti brings a decade of experience in central and commercial banking, including roles at the central bank in research and financial stability, and at FirstRand Namibia Group, where she conducted macroeconomic analysis and policy interpretation.
Standard Bank Namibia has appointed Helena Mboti as its new group economist. Mboti brings over a decade of experience from the Central Bank of Namibia and FirstRand Namibia Group, and will lead the bank's economic research agenda.
Namibia's Venus oil and gas project is expected to produce first oil around 2030, but the government won't receive significant revenue until five years later due to the company's need to recover initial investment costs of US$15 billion. The environmental and social impact assessment estimates total government revenue of N$127–229 billion over a 25-year project timeframe, with petroleum income tax at 35% only kicking in after upfront costs are recouped.