The Director General of the National Planning Commission, Dr Kaire Mbuende, has emphasised the transformative potential of artificial intelligence (AI) for Namibia's economy.
Dr. Mbuende points out that AI is no longer a futuristic concept but a reality reshaping productivity, innovation and financial markets globally.
In the financial sector, AI is enhancing service delivery, risk management, fraud detection and customer experience.
For governments and businesses, it offers opportunities to improve policy effectiveness, operational efficiency, and global market access.
However, Mbuende cautions about cybersecurity risks, expected job displacements and ethical dilemmas related to data privacy and algorithmic bias.
He commended the Bank of Namibia for its proactive approach, including its digital transformation program, regulatory sandbox and work in STEM education, in other words, Science, Technology, Engineering and Mathematics.
These efforts, he said, are laying the foundation for Namibia to thrive in the Fourth and Fifth Industrial Revolutions.
"These challenges demand that we act with foresight and agency as policymakers. Beyond this, artificial intelligence must be harnessed responsibly, governed ethically and deployed inclusively. As a country, we must thus ensure that its benefits are broadly shared and that no Namibian is left behind in the technological evolution. That is why the focus of this report is not only timely but essential to shaping a future-ready, human-centred digital economy. Given this risk, our responsibility as policymakers and regulators is to ensure that artificial intelligence becomes a tool for empowerment for all, not exclusion of some."
Dr. Mbuende stressed the importance of ensuring that AI benefits all Namibians, calling for inclusive policies and digital literacy investments to prevent technological exclusion.
Despite challenges, such as global uncertainties and rising debt levels, he expressed confidence in the country's banks and Namibia's ability to harness AI for sustainable growth.