By Staff Reporter
THE Bank of Namibia announced on 19 November 2025 that Governor Dr Johannes !Gawaxab will depart on 31 December 2025, after serving over five years, following a tenure marked by major reforms and economic stewardship.
The Board of Directors confirmed Dr. Gawaxab’s departure with gratitude, highlighting his diligent service since his appointment on June 1, 2020. His tenure is widely regarded as one of the most consequential in Namibia’s modern economic history, coinciding with global and domestic challenges, including the COVID-19 pandemic, economic turbulence, and structural reforms within the financial sector.
Under his leadership, the Bank implemented bold policy measures to safeguard households, businesses, and the broader economy during the pandemic. These included front-loading interest rate cuts, providing prudential relief to free up liquidity, and temporarily relaxing capital and reserve requirements. Such interventions helped prevent deeper economic contraction and supported the path to recovery.
Dr !Gawaxab also ushered in strengthened governance and accountability within the financial sector. Through the Banking Institutions Act of 2023 and related reforms, he advanced board independence, localisation, and improved oversight standards to ensure banking institutions operate in alignment with national interests. Requirements such as the minimum local ownership threshold reinforced the Bank’s commitment to deepening domestic participation in the sector.
On the macroeconomic front, Namibia benefited from a disciplined monetary policy stance during his tenure. Inflation remained stable, averaging 3.6 percent in the first eight months of 2025, down from 4.6 percent the previous year. Over the tightening cycle, the Bank raised the repo rate by 400 basis points between February 2022 and June 2023, contributing significantly to moderating inflation and supporting domestic economic stability.
Dr !Gawaxab’s departure marks the end of a transformative era defined by decisive leadership, strengthened governance, and impactful economic stewardship, leaving the Bank of Namibia with a more resilient financial system and a stable foundation for future growth.
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