President Netumbo Nandi-Ndaitwah has called for a fair and inclusive global financing system, urging the G20 to reform international financial institutions that overcharge developing countries.
She made the remarks during the opening session of the G20 Leaders’ Summit in Johannesburg, South Africa, on Saturday.
The summit, hosted under the theme ‘Solidarity, Equality and Sustainability’, concludes on Sunday.
South Africa is the first African nation to host the G20, and Nandi-Ndaitwah is attending as an invited guest.
She said developing nations continue to face unfair financial terms despite demonstrating strong economic discipline.
She noted that Namibia recently honoured its international obligations by redeeming its N$13-billion Eurobond on time, underscoring the country’s commitment to responsible financial management.
“However, we are still considered by decision-makers as a risky country. We need fair international financial institutions,” she said.
The president stressed the need to place people at the centre of sustainable development.
Nandi-Ndaitwah added that efforts to improve global governance must be grounded in the belief that only an inclusive and representative international system can effectively respond to modern challenges.
“If our financial architecture is not fit for purpose, we will continue to see a global roaming debt crisis and intensified imbalances between developed and developing nations,” she warned.
Nandi-Ndaitwah emphasised that developing countries are not seeking free money, but fair and equal financing opportunities.
She reiterated Namibia’s call for investment in value addition to stimulate industrialisation and ensure citizens benefit from the country’s natural resources.
She further urged nations to mobilise resources to protect and grow these assets, and to channel them into socio-economic development programmes while strengthening debt-management measures.
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