Economy

The Namibian economy is based on free enterprise and private initiative. The Namibian government regards the private business sector as the engine of economic growth and has put in place policies and a legislative framework designed to stimulate private sector production.

Multinational companies have been operating successfully in Namibia for many years. Foreign companies are free to repartriate capital, profits and dividends.

The national currency is the Namibia dollar which is equivalent in value to the South African rand which is also legal tender in Namibia.

The Government of Namibia maintains prudent fiscal and monetary policies. As a result, Namibia enjoys one of the lowest levels of debt in the world, stable prices, and a healthy balance of payments position.

 

Access to markets

Namibia is a member of the World Trade Organisation (formerly GATT) benefitting from the Generalised System of Preferences, and also a member of the Lome Convention with the European Union, the Sourthern African Customs Union, the Sourthern African Customs Union, the Southern African Development Community and the Common Market of Eastern and Southern Africa.