Team Namibia questions suitability of National Equitable Economic Empowerment Bill

Team Namibia questions suitability of National Equitable Economic Empowerment Bill
Photo credits: 
Team Namibia

Team Namibia has questioned the suitability of the National Equitable Economic Empowerment Bill (NEEEB) especially during the current economic crisis and has called for a proper assessment of the bill.
In a media statement issued on Monday, Team Namibia said the bill in its current form goes against the concept of unity and does more harm than good as it stops money from coming into the country and would mean fewer jobs created.
The bill in essence seeks to ensure that Namibia’s resources are shared equitably and in a sustainable fashion through the implementation of the National Equitable Economic Empowerment Framework (NEEEF).
According to Team Namibia, preliminary analyses have been done by various organisations on the final draft of the NEEEB. Its constitutionality was questioned, and the document was also described by some as “vague and draconian”.
“In a free market system, markets are best suited to allocate scarce resources and allow supply and demand to set prices. The role of Government is to uphold the rule of law, maintain the value of the currency and protect property rights. Job creation cannot be achieved if the protection of private property is not entrenched in Government policy. Under One Namibia, One Nation, NEEEB will do more harm than good. There are better alternatives to address the root causes of the socio-economic marginalisation of those who are most vulnerable and affected by poverty and unemployment, and we can find them if we work together,” it said.
The statement referred to a report by the high-level panel of economic experts appointed by President Hage Geingob, noting that while a voluminous final report highlighted several issues and noted the benefits of the bill, it failed to acknowledge that when the security of ownership is threatened, fewer new investments are made, private sector disinvests over time and employment opportunities are further reduced.
In a recent interview with NAMPA, Prime Minister Saara Kuugongelwa-Amadhila said the bill has been finalised and is being scrutinised by the chief executive officer of the Namibian Investment Promotion and Development Board, Nangula Uaandja.
According to Kuugongelwa-Amadhila, Uaandja will, among others, look at how concerns from the private sector have been addressed and once the process is completed, the Government will finalise the bill before it is tabled in Parliament.
Team Namibia is a non-profit movement aimed at mobilising Namibian consumers to buy local and promotes the production of quality local products and services.