Martin Endjala
Economist and Independent Bank Researcher, Josef Sheehama, has decried the amount of N$106 million allocated to the Anti-Corruption Commission (ACC) by the Ministry of Finance and Public Enterprise.
During the tabling of the National Budget in the National Assembly on Wednesday, Finance Minister Iipumbu Shiimi announced a 29.8 percent increase in the annual allocation to the ACC.
The minister said the increase in funds is aimed at improving the ACC’s implementation capacity, particularly in the areas of combating anti-money laundering and financial crimes.
The minister said, that despite the recent greylisting of Namibia by the Financial Action Task Force (FATF), the government has made significant progress and remains committed to addressing the outstanding actionable items for the country to be removed from the grey list in the shortest time possible.
Over the Medium-Term Expenditure Frameworks period, the ACC is estimated to utilise a total of N$299.2 million.
Sheehama argued that limited funds will not root out corruption while adding that the amount allocated to the ACC is a matter of concern.
He stated that the cumulative effect of individual corrupt acts is dysfunctionality and that the effects of corruption can be categorised along the lines of economic, political, moral, and psychological sabotage.
“We will not root out corruption with limited resources. We acknowledge the increase in funds but more should be done,” he said.
He acknowledged that the budget is expansionary but he noted that there is a need for several reforms that the government can implement to supplement the macroeconomic framework.
He added that the foundations for economic growth include a responsible electrical supply, a functioning financial system, and respect for the rule of law as well as wise and credible fiscal and monetary policies.
“To do this, firm action must be taken to increase confidence, encourage investment and job creation, combat economic inequality, and remove regulatory obstacles,” he said.
Despite this being another market-friendly budget, Sheehama stressed that implementation will again be key, particularly on the reform and expenditure fronts, and political will to drive growth and boost revenue, keeping expenses in check, will once again prove to be vital.
According to Sheehama, facilitating faster private-sector involvement in the power sector will also catalyse broader confidence in growth.
