BoN makes money in challenging times

Tujoromajo Kasuto

The Bank of Namibia has delivered a strong net operating surplus and paid a dividend which is 42 percent higher compared to 2020 amounting to N$413.7 million.

Despite the low interest rate environment that persisted in 2021, the Bank recorded a higher surplus in 2021 than in 2020 and declared a record high dividend.

The Board of BoN in consultation with the Ministry of Finance has decided to use a part of the dividend as seed capital for the newly created Sovereign Wealth Fund.

However, the bank experience a decline in net income mainly due to low interest rates that prevailed during 2021, as the central bank continued to cut the rates in response to the Covid-19 pandemic and global economic slowdown.

The higher surplus recorded in 2021 was largely on account of capital gains realised from foreign reserve assets and cost containment measures implemented by the Bank.

Meanwhile, operating expenses decreased by N$82 million from N$514.93 in 2020 to N$432.93 million in 2021.


The Bank of Namibia also launched its new Corporate Identity which stems from the Bank’s ‘’transformational journey’. The refreshed look and feel features a futuristic design that demonstrates the Bank’s willingness to embrace innovation and transformation’’.

The launch coincided with the bank’s release of its annual financial results today for the year ended December 2021.

In addition to the current logo, a dynamic shape of the new identity denotes the Bank’s position at the centre of macroeconomic management in the country, and an olive green colour representing sustainability.

With this new look, BoN Governor Johannes !Gawaxab says the Bank is better positioned to meet the needs of its stakeholders as a forward thinking institution in a constantly changing operational environment. The Banks rebranding campaign will be promoted through various media outlets.

!Gawagab says the institution is operating in a rapidly changing environment and is driven by its New Strategic Plan which has a three-year execution time frame.

Thus over the next three years, the Bank will continue executing its statutory mandate and the four new strategic focus areas: Purpose Pillar, Stakeholder Engagement, Talent and Transformation Pillar, and the Future Fit Organisational Efficiency and Effectiveness Pillar.

Following the conclusion of the 2017–2021 Strategic Plan, the Bank’s New Strategic Plan, covering the period 2022–2024, was publicly launched on the 1st December 2021.

Looking forward, the Governor noted that Namibia needs to map out strategies for the post-

COVID-19 era to drive economic recovery.

He said that ‘’the new plan must vigorously pursue economic diversification, improve productivity and competitiveness, and enhance resource allocation to productive sectors.

Namibia must raise the momentum of COVID-19 vaccine uptake to increase herd resistance’’.


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