business馃嚦馃嚘 Namibia
Namibia and Botswana discuss economic diversification for sustainable resource wealth management
Namibia and Botswana have advanced discussions on transforming natural resource wealth into sustainable prosperity, emphasizing economic diversification, strong institutions, and saving for future generations. This discussion occurred during a public lecture hosted by the Bank of Namibia in collaboration with the University of Namibia. Bank of Namibia governor Ebson Uanguta stated that while resources are crucial, resource wealth alone cannot guarantee broad-based prosperity, especially given Namibia鈥檚 exposure to external shocks and capital-intensive economic sectors. He highlighted the need for greater local value addition, technology transfer, knowledge development, and stronger domestic supply chains as Namibia explores opportunities in oil and gas, renewable energy, and green hydrogen. Uanguta also mentioned the Welwitschia Fund, established in 2022, as a mechanism for converting temporary resource revenues into long-term financial assets for future generations, comprising an Intergenerational Fund and a Stabilisation Fund. Bank of Botswana governor Lesego Moseki shared Botswana鈥檚 experience with the Pula Fund, detailing how diamond revenues supported infrastructure, education, healthcare, and social protection, while preserving wealth for future generations. Moseki cautioned against dependence on a single natural resource, noting that Botswana's experience with lab-grown diamonds and declining traditional diamond revenues underscores the importance of economic diversifi