With a host of newly discovered energy sources in Namibia, including oil, gas, and green hydrogen, the Bank of Namibia's annual symposium has dissected how to maximize economic growth from renewable and non-renewable energy sources in the country.
The annual symposium was aimed at promoting policy dialogue supportive of sustainable economic development in the country.
It also created a platform for stakeholders to debate issues critical to the country's economic development.
"The symposium, therefore, offers us the opportunity to collectively reflect and deliberate on this important topic, particularly around a few things that I believe are crucial to transforming the Namibian economy and converting challenges into opportunities," said Johannes !Gawaxab, the bank's governor.
According to the Minister of Mines and Energy, Tom Alweendo, a focus was put on how Namibia can learn from other countries' mistakes and successes after discovering natural resources such as oil and avoiding mismanagement to ensure that all Namibians benefit optimally from such resources.
"Namibia, like many African countries, is faced with some formidable socio-economic challenges. Over the last couple of years, the economy has not grown sufficiently; our income inequality is among the highest globally, and our youth unemployment is far too high and still rising. This picture can change if all of us can re-image our economic potential."
Speakers from as far away as Norway touched on renewable energy as a means to promote economic growth in Namibia, as well as policy options, strategies, lessons, and experiences from other countries.
"One should be completely aware of this risk, and there is no model to copy. As I said, Norway has some strong insights; they have made some huge mistakes, but they have learned from them. Don't ever try to copy anyone else's model of development. This is up to the people of Namibia and your decisions," cautioned Dr Petter Nore, Professor at the Nord University Business School in Norway.
Ministries, MPs, and different stakeholders attended the symposium.