Windhoek: The Bank of Namibia (BoN) has announced the upcoming departure of Governor Johannes !Gawaxab, marking the end of his five-and-a-half-year tenure that brought significant reforms and stability to the institution during a critical period for Namibia's economy.
According to Namibia Press Agency, a media release from the BoN's Board of Directors revealed that !Gawaxab's tenure will conclude on December 31, 2025. His leadership period has been characterized by structural reforms, strengthened governance, and a measured response to unprecedented economic challenges. !Gawaxab took office on June 1, 2020, amid the COVID-19 pandemic, necessitating decisive economic measures such as interest rate cuts, liquidity-supporting prudential relief, and easing capital and reserve requirements.
The Board credited these interventions with shielding households, businesses, and financial institutions from further distress and setting the stage for economic recovery. !Gawaxab also spearheaded significant governance reforms, particularly through the Banking Institutions Act of 2023, which enhanced board independence, mandated local credit decision-making, and introduced a minimum 25 percent Namibian ownership threshold.
The Board highlighted improved macroeconomic stability under !Gawaxab's leadership, noting a decrease in inflation from 4.6 percent in early 2024 to 3.6 percent in 2025, following a cumulative 400-basis-point repo rate increase. As inflation eased, the bank adjusted its monetary policy to support domestic activity.
The establishment and growth of the Welwitschia Fund were among the long-term initiatives under !Gawaxab's leadership, with its value rising from N.dollars 270 million in 2022 to USD 27.7 million by September 2025. The Bank also advanced digitalization with the Fast Payment System and promoted financial inclusion through the Namibia Financial Sector Transformation Strategy.
The Board acknowledged additional achievements, including reserve diversification into gold, upgrades to banknotes and coinage, the establishment of the Central Securities Depository, and retail bonds. The Board expressed gratitude for !Gawaxab's service, stating that he leaves behind a stronger and more future-ready central bank.