Bank Windhoek’s Executive Officer for Marketing and Corporate Communication Services, Jacquiline Pack, said that the agriculture sector has always been a cornerstone of Namibia’s economy and society, contributing around 6% to Gross Domestic Product (GDP) and creating employment opportunities. Pack said this statement on Tuesday, 5 November 2024, while announcing that the fifth Agricultural Series will take place on Wednesday, 13 November 2024, in Windhoek, live on the Bank’s social media platforms.
The fifth Bank Windhoek Agriculture Series will feature Namibia’s Prime Minister, Saara Kuugongelwa Amadhila, as the keynote speaker, under the theme “Cultivating change: Strategies for a Resilient Agricultural Future.” Key agriculture experts will highlight new growth areas and demonstrate a working formula for the export basket’s productivity, competitiveness, expansion, and diversification.
In May 2024, the Namibian government declared a State of Emergency per the government gazette notice due to the persisting national drought in all regions. According to the Integrated Food Security Phase Classification, Namibia’s deteriorating food security is mainly driven by climatic and price shocks, economic decline, and unemployment.
Through the Office of the Prime Minister, the government released the Drought Relief Programme (2024/25) to alleviate the hardships caused by the drought and assist drought-stricken communities. Despite almost a decade of persistent drought, farmers are affected the same way annually.
Pack said discussing new farming methods to mitigate and adapt to climate change effects is vital. “Identifying comparative advantages, resilient crops and innovative ways to farm sustainably in the era of the drought is essential. Equally, there are immense opportunities to reduce the food import bill and address household and national food security goals,” she said. “Additionally, water supply is a critical input for farming. Without water, farming activities will not happen; therefore, in an era where drought persists, there is a need to learn new methods on how to use limited water for farming, how to harvest water, and how to adapt to crops that use limited water.”
Supporting the affected farmers
On Wednesday, 23 October 2024, the Bank of Namibia (BoN) issued a determination on policy change in response to economic and financial stability challenges resulting from the State of Emergency over persistent drought. In terms of this Determination, banking institutions must implement the following relief measures: Restructuring of loans, Granting of loan moratoriums and Emergency funding under preferential terms.
The Determination is set to provide relief to agricultural customers who demonstrate that drought has severely affected them. “Bank Windhoek has actively been assisting customers on a case-by-case basis during the impeding drought period, per our credit policy,” said Leon Koch, Executive Officer: Business Banking. “Bank Windhoek will assess each customer’s position and applicable” he said.
Since 2018, Bank Windhoek has hosted and broadcast various Agriculture talk series on social media platforms to inform interested parties on relevant agriculture trends and topics and, concurrently, create a platform where experts in the sector can share their knowledge and contribute to the sector’s commitment and drive.