Geingob bemoans 'deceptive' ratings on Namibia
WINDHOEK, 11 OCT (NAMPA) – President Hage Geingob has raised concern with the status of the Namibian socio-economic architecture, which he said has not augured well for the country.
Geingob said the skewed economy which the Government inherited, coupled with the ‘deceptive’ ratings of the country’s economy by foreign agencies and institutions, have driven inequalities high, making Namibia one of the most unequal societies economically.
The president said this on Tuesday when he addressed the Burj Chief Executive Officer Summit in the House of Lords in London, United Kingdom (UK).
In his statement made available Tuesday, the Head of State reiterated that the World Bank rating which accorded Namibia the status of higher-middle income country based on gross domestic product (GDP) per capita, is deceptive and does not reveal the reality on the ground.
He said the calculations were merely based on a simple mathematical formula where GDP is divided by Namibia’s small population.
Geingob said due to such unfair ratings, Namibia had been consistently denied grants and soft loans.
On the positives, Geingob said the country is positioning itself as a logistics hub for the Southern African Development Community.
Namibia’s prime geographical location along the fisheries rich Atlantic Ocean makes it an ideal logistics hub for landlocked African countries.
Calling on UK investors to explore the Namibian market, Geingob said the country has modern infrastructure and a healthy banking system that makes it feasible for long-term investments.
The House of Lords is the Upper Chamber of Great Britain’s bicameral legislature.
Geingob was addressing the House as a special guest.