The Online Guide to the Namibian Economy
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Namibia is a country of three million people located along the south-west coast of Africa between South Africa in the south and Angola in the north. It is the 34th largest and the third least densely populated country in the world.
Since its first democratic elections in 1989 and Independence on 21 March 1990 the Republic of Namibia has held regular elections every five years and has had five Presidents all from the SWAPO Party. Founding Father Dr Sam Nujoma served three five-year terms from 1990. President Hifikepunye Pohamba won the Mo Ibrahim Prize for African leadership in 2014 before stepping down after two terms. President Nangolo Mbumba was sworn in on 9 February 2024 following the untimely death of Dr Hage Geingob whose second term was due to run until March 2025. President Netumbo Nandi-Ndaitwah was sworn in as Namibia’s fifth president and first female president on 21 March 2025. Namibia’s constitution adopted in 1989, has been changed three times. Namibia is consistently ranked highly by the Mo Ibrahim African Governance Index and regularly comes top in Africa in Reporters Without Borders’ Media Freedom Index.
According to the World Bank, Namibia had a GDP of US$13.37 billion in 2024 and was downgraded from an upper to a lower middle income country. It belongs to the Southern African Customs Union (SACU) and the Common Monetary Area (CMA). The Namibia Dollar (NAD) is pegged at 1:1 with the South African Rand (ZAR) which remains legal tender in Namibia. Namibia also belongs to the Southern African Development Community (SADC), the SADC Free Trade Area, and the African Continental Free Trade Area (AfCFTA)
Namibia’s economy is diversified and based on agriculture, fishing, mining, manufacturing, logistics and tourism. Namibia produces the highest proportion of gem quality diamonds of any major diamond producing country and hosts the largest offshore diamond mining operation in the world. It is also the largest uranium producer in Africa and was third largest in the world in 2023. Namibia hosts the first seawater desalination plant in southern Africa and was the second country in Africa to introduce 4G mobile telephony. Google’s Equiano subsea cable landed in Namibia in July 2022. Namibia produces internationally recognised products such as Windhoek lager and farm-assured beef. In 2019 it become the first country in Africa to export beef to China and in 2020 the first country in Africa to export beef to the US. The largest single investment in Africa by China – Husab uranium mine – is located near the long-established Rössing Uranium mine in central Namibia. Namibia regularly comes top in Africa in the World Economic Forum’s Road Infrastructure Report for best road infrastructure on the continent. Namibia aims to become a major producer of green hydrogen and ammonia and, since the discovery of significant offshore oil and gas resources in early 2022, a major oil and gas exporter.
Official Name | Republic of Namibia |
Surface Area | 824,269 km2 (34th largest country in world) |
Coastline | 1,572 km |
Climate | Semi-arid and sub-tropical |
Population | 3,022,401 (2023) |
Official Language | English |
Other Languages | Oshiwambo, Nama-Damara, Afrikaans, Otjiherero, Rukavango, Lozi, German, Tswana and several San dialects |
Religions | Mainly Christian |
Political System | Multi-Party Democracy |
Head of State | President Netumbo Nandi-Ndaitwah (SWAPO Party) |
Prime Minister | Right Honourable Elijah Ngurare |
Political Parties in Parliament after 2024 elections | 96 seats elected by proportional representation to National Assembly plus 8 appointed members: SWAPO Party (51 seats) Independent Patriots for Change (20 seats) Affirmative Repositioning (7 seats) Popular Democratic Movement (5 seats) Landless People’s Movement (5 seats) United Democratic Front (1 seat) Namibian Economic Freedom Fighters (1 seat) South West Africa National Union (1 seat) Republican Party (1 seat) National Unity Democratic Organisation (1 seat) All People’s Party (1 seat) National Democratic Party (1 seat) Body of Christ Party (1 seat) |
Independence | 21 March 1990 |
Presidential and Parliamentary Elections | 1989 (Constituent Assembly) 1994 1999 2004 2009 2014 2019 2024 |
Political and Administrative Regions | Erongo, Hardap, Karas, Kavango East, Kavango West, Khomas, Kunene, Ohangwena, Omaheke, Omusati, Oshana, Oshikoto, Otjozondjupa, Zambezi |
Main Towns | Windhoek, Walvis Bay, Rundu, Oshakati, Swakopmund, Katima Mulilo, Otjiwarongo, Keetmanshoop, Tsumeb, Gobabis, Oshakati, Mariental |
Currency | Namibia Dollar (NAD) pegged 1:1 with South African Rand (ZAR) which remains legal tender (the Namibia Dollar is not legal tender in South Africa) |
Income Status (World Bank) | Lower Middle Income (recently downgraded) |
Fiscal Year | 1 April - 31 March |
Sovereign Credit Rating (Outlook) | Moody's: B1 (Positive), Fitch Ratings: BB- (Stable) |
Corporate Tax Rate | 30% from 1 January 2025 |
Mining Tax Rate | 37.5% + Mineral Royalties |
Diamond Mining Tax Rate | 50% + 10% surcharge |
Customs Union Membership | Southern African Customs Union (SACU) |
Other Memberships | African Union (AU) African Continental Free Trade Area (AfCFTA) United Nations (UN) The Commonwealth Southern African Development Community (SADC) Common Monetary Area (CMA) Non-Aligned Movement (NAM) World Bank International Monetary Fund (IMF) World Trade Organisation (WTO) |
Measures | Metric |
Plugs and Voltage | Round three pin 220v 50Hz (as in South Africa) |
Road System | Drives on the left-hand side |
Time Zone | GMT + 2 |
Public Holidays | 1 January 21 March (Independence Day) Good Friday Easter Monday 1 May (Workers Day) 4 May (Cassinga Day) Ascension Day 25 May (Africa Day) 28 May (Genocide Remembrance Day from 2025) 26 August (Heroes' Day) 10 December (Human Rights Day) 25 December (Christmas Day) 26 December (Family Day) |
Ease of Doing Business - World Bank (discontinued) | 104 out of 190 countries (2020) |
Global Competitiveness Index - World Economic Forum (discontinued) | 94 out of 141 countries (2019/20) |
Index of Economic Freedom - Heritage Foundation | 94 out of 184 countries (2025) |
Corruption Perceptions Index - Transparency International | 59 out of 180 countries (2024) |
Investment Attractiveness Index - Fraser Institute | 38 out of 62 countries (2022) |
Ibrahim Index of African Governance - Mo Ibrahim Foundation | 6 out of 54 countries (2023) |
Press Freedom Index - Reporters without Borders | 34 out of 180 countries (2024) |