“We have to consider all the options, but after having considered that we still think that backing one-on-one with the rand is the best option,” Namibian President Hage Geingob, 77, said in an interview in Cascais, Portugal, where he attended the Horasis Global Meeting.
Most of Namibia’s trade is with South Africa and its companies, such as banks FirstRand Ltd. and Nedbank Group Ltd., are also listed on the Windhoek exchange. Prospects for Namibia’s economy are improving after a two-year slump — its first ever back-to-back annual contractions — despite signs South Africa’s acceleration from weak expansion may be delayed.
“In the past we had a monopoly, just NamPower,” said Geingob, who will be seeking a second term as leader in an election in November. “We hope to address that issue. It’s not easy, but I think we will overcome.”
Source: Financial Digest (financialdigest.net)
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