Remembering Sam Nujoma: The architect behind Namibia's central bank

Bank of Namibia (BoN) governor Johannes !Gawaxab lauded late statesman Sam Nujoma for the formation of the central bank following his death last week Saturday on 8 February. !Gawaxab made the remarks following the monetary policy announcement earlier this week and used the occasion to pay tribute to Nujoma.

In 1988, His Excellency Dr. Sam Nujoma, then the President of Swapo, played a pivotal role in securing assistance from Sweden. He personally engaged prime minister Olaf Palme to garner support for the liberation movement in establishing a future central bank for Namibia

!Gawaxab also highlighted the role former president Hifikepunye Pohamba’s role in establishing the bank, saying early discussions held laid the foundation for what is now known as the Bank of Namibia during his tenure as the party’s secretary for finance in the run up to Independence in 1990.

“Alongside His Excellency Hifikepunye Pohamba, who served as the secretary of finance, Dr. Nujoma met with Mr. Erik Lennart Karlson, a Swedish banking expert nominated by Prime Minister Palme, to explore Namibia's proposed economic framework and the establishment of its central bank,” !Gawaxab said.

"This crucial discussion laid the seeds for what is now the Bank of Namibia. In short, the contributions of the Swedish were instrumental in the formation of the Bank, with Mr Karlson initially serving as the deputy governor and subsequently as the second governor,” he added.



Nujoma the moral compass

!Gawaxab said the central bank would continue to honour the legacy of Nujoma and look to him for moral direction.

“Though he now rests, his public legacy will guide us as surely as the north star led him through the storms of revolution and governance. Farewell, noble patriot—your deeds shall never fade from the heart of Namibia.As we move forward, we will continue to uphold and honour his legacy by working diligently to build the prosperity of our nation for the benefit of all Namibians,” !Gawaxab said.

The central bank's first Namibian governor and current mines minister Tom Alweendo said Nujoma's belief in the youth was the reason he was able to ascend to the position of deputy governor at the age of 34 in 1993.

"Today, there are many of us who are running because of his foresightedness and his steadfast belief in the abilities of young people. I have personally benefited from his foresight, when he appointed me as Deputy Governor of the Bank of Namibia in 1993 at a relatively young age of 34, and soon after that as Governor in 1998," Alweendo said.



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Despite not being trained in the field of economics, engagements with Nujoma always proved beneficial, Alweendo said.

"My fond memory of him is that of an engaging leader. As Governor, I made it a point to brief him quarterly on the state of the economy. Despite of him being a non-economist, during those engagements, you could be certain that he would engage with well-argued ideas, and it was an engagement I always looked forward to."

The BoN was established on 9 July 1990 through the Bank of Namibia Act of 1990. Dutch national Wouter Benard served as its first governor, while current minister Tom Alweendo would serve as its first Namibian governor when he was appointed in January 1997.