President Hage Geingob has urged the management and staff of the Bank of Namibia to guard against obstacles to economic growth, one of them being tribalism.

Dr Geingob paid a visit to the central bank on Wednesday.

The President's visit to the Central Bank was aimed at discussing the country's finances, taking into consideration geopolitics. and a number of other external threats.

The Bank of Namibia expects the economy to grow by slightly more than 3% this year, owing primarily to the mining industry's strong performance.

This growth would be a relief given the five-year contraction that Namibia's economy underwent.

President Geingob commended the central bank for aiding the government to stave off the impact of global economic shocks on the domestic economy.

The new discoveries of oil and the development of green hydrogen have led to major economic powerhouses in Europe and Asia partnering with Namibia for the development of these industries.

However, the President warned that the benefits should be distributed throughout the country and urged the central bank staff to avoid tribalism, regionalism, and other divisive tactics.

The central bank's leadership maintains that its decisions are in the interest of Namibians and the economy, albeit tough at times.

One such example is the interest rate hike to 5.5% in June 2022, the highest in the last ten years.

Governor Johannes !Gawaxab, while sharing the Bank's vision, says the anticipated growth would be fueled by natural resources and subsequent value chains.

The Bank of Namibia is expected to continue to share research and findings on the economic outlook with the Cabinet.