The Bank of Namibia's Governor Johannes !Gawaxab's final day of service will be on the 31st of December 2025.

His departure from the Central Bank was announced by the Board today. 

The Bank of Namibia's governor served the institution for five and a half years and was its sixth leader, following Ipumbu Shiimi, who was named the Finance Minister.

In a statement, the board noted that the 69-year-old had a remarkable tenure characterised by outstanding stewardship, courageous reforms, and transformative leadership, steering the Bank through one of the most difficult and significant times in Namibia's contemporary economic history.

It states that !Gawaxab's leadership coincided with the COVID-19 pandemic, global economic turbulence, renewed domestic reform momentum, and a financial sector undergoing structural change. 

They lauded him for overseeing a strengthened macroeconomic framework characterised by low, stable inflation, a resilient financial system, and an increasingly modernised policy environment.

His tenure also marked a new era of governance, localisation and accountability within the financial sector. This was achieved through the implementation of the Banking Institutions Act of 2023 and related reforms.

The seasoned executive championed the strengthening of board independence, among his other achievements.

Last month, he led the bank's support for the government in successfully redeeming its US$750 million Eurobond in full and on time.

NBC News contacted Kazembire Zemburuka, Director for Strategic Communications and International Relations at the Bank of Namibia, on what happens next. 

He stated that the standard procedure for appointing a governor will be followed. This process includes the Public Service, the Bank of Namibia Board, and the appointing authority, which is the Presidency.

When asked why the Governor did not complete his designated term, Zemburuka explained that his resignation was due to personal reasons and was part of a planned transition.