Staff Reporter
THE Board of Directors of the Bank of Namibia has announced the departure of Dr Johannes !Gawaxab, the sixth Governor of the Bank of Namibia.
!Gawaxab was initially appointed to serve out the unexpired term of Iipumbu Shiimi on 1 June 2020, and was thereafter reappointed on 2 December 2022 for a period of five years. He has, however, left before completing his term as governor, which was meant to last until the end of 2026, before finalising the remaining issues that would remove Namibia from the money laundering and terrorism funding greylist by the Financial Action Task Force.
The Board said that Dr !Gawaxab has diligently served the institution for over five and a half years since his appointment on 1 June 2020. His last day of service is 31 December 2025.
“Dr !Gawaxab served a distinguished tenure filled with exemplary stewardship, bold reforms, and transformative leadership, guiding the Bank through one of the most challenging and consequential periods in Namibia’s modern economic history. His leadership coincided with the COVID-19 pandemic, global economic turbulence, renewed domestic reform momentum, and a financial sector undergoing structural change. Throughout this period, he oversaw a strengthened macroeconomic framework characterised by low and stable inflation, a resilient financial system, and an increasingly modernised policy environment,” the Board shared.
They added that Dr !Gawaxab’s decisive leadership during the COVID-19 pandemic played a pivotal role in safeguarding households, businesses, and the broader economy.
“At the height of the crisis, the Bank front-loaded interest rate cuts to support economic activity, introduced regulatory and prudential relief to free up liquidity, and temporarily relaxed capital and reserve fund requirements to ease balance sheet pressures on financial institutions. These actions collectively prevented deeper economic contraction and laid the foundation for a more robust recovery,” the Board said.
They added that his tenure also marked a new era of governance, localisation, and accountability within the financial sector.
“Through the Banking Institutions Act of 2023 and related reforms, Dr !Gawaxab championed the strengthening of board independence, ensuring that banking institutions maintain boards that are both locally empowered and accountable to Namibia’s national interests. These reforms further required that all credit decisions be made within Namibia, ending practices that were misaligned with the country’s developmental aspirations. The introduction of a minimum 25% Namibian ownership threshold reinforced the Bank’s commitment to deepening local participation, while strengthened governance standards ensured that local directors act decisively in the national interest,” the Board said.
They further added that, on the macroeconomic front, Namibia benefited from a disciplined and credible monetary policy stance under his leadership. Inflation remained well-contained, averaging 3.6% in the first eight months of 2025, down from 4.6% over the same period in 2024.
“During the tightening cycle, the Bank raised the repo rate by a cumulative 400 basis points between February 2022 and June 2023. The consistent application of monetary policy has contributed significantly to the moderation of inflation, creating space for gradual easing this year to support the domestic economy. Dr !Gawaxab also played a central role in safeguarding Namibia’s financial credibility on the global stage. In October 2025, he led the Bank’s support to the Government in successfully redeeming its USD 750 million Eurobond in full and on time. This achievement sent a powerful signal to markets and investors that Namibia honours its commitments transparently and reliably, thereby strengthening sovereign credibility and investor confidence,” the Board said.
