Despite economic challenges, Namibia has displayed resilience, with an estimated growth rate of 3.5% in 2023.

The public debt stock is expected to reach N$153.8 billion of the gross domestic product (GDP), showing a slight improvement from the previous year.

This was revealed by Finance Minister Iipumbu Shiimi during the 2023–24 Budget Mid-Year Review.

In his speech, Minister Shiimi acknowledged the growing costs of servicing the national debt and reaffirmed the government's commitment to stabilising debt growth and preserving fiscal stability.

Over the years, Africa has positioned itself to move away from aid and grant dependence to being a business hub and a significant player in the global economy.

The US-Africa summit officially opened in Tlokweng Village, outside Gaborone, with more than 1300 delegates from the public and private sectors from both the US and African countries.

Despite being endowed with strategic natural resources, Africa accounts for only about 2% of the world's Gross Domestic Product (GDP), and this is what the US-Africa summit is seeking to address.

The Bank of Namibia (BoN) projects an increase in the government's income as well as a narrowing of the budget deficit for the 2023–24 financial year.

In its June 2023 quarterly report, the central bank says the government's debt is expected to decline to 4,6% of the Gross Domestic Product from 5,1% in the previous financial year.

Revenue collection is expected to increase by 16,5% to N$74.7 billion, owing to a significant increase in SACU receipts, coupled with a rise in company and individual taxes as well as value-added tax.