The Namibia Financial Sector Strategy for 2011-2021 will be launched on Thursday.

 

The strategy will guide the achievement of the objectives of the financial sector as set out in the various National Development Plans and Vision 2030.

 

The Cabinet approved it in June 2011 to develop a more resilient, competitive and dynamic financial system with best practices, which would allow the sector to realise its full potential in respect of its contribution to the growth of the economy and the achievement of socio-economic objectives of poverty reduction and wealth-creation.

 

A review of Namibia's financial system showed that although the system is sound and functioning well, there are structural weaknesses that need to be addressed to enable the financial sector to contribute meaningfully to the overall performance of the country's economy.

 

Thus, the ten-year strategy was developed to address the weaknesses in the system.

 

Among the key weaknesses identified are a shallow financial market, limited competition, limited financial safety nets, limited skills and low participation by Namibians.

 

Minister of Finance Saara Kuugongelwa-Amadhila is expected to officiate at the event.