Diversify faster – !Gawaxab

The MD of Old Mutual’s Africa Operations, Johannes !Gawaxab has called for an accelerated diversification of African economies as growth driven by the extractive sector is unsustainable given the finite nature of extractive resources.
!Gawaxab, who was one of few Namibians that attended the recently ended World Economic Forum on Africa which was held in Cape Town, South Africa, said economic diversification should include development of such sectors as financial services, transport, communication, agriculture and trade as they have proved important in adding value, creating jobs and contributing to economic growth.
He said: “Financial market development is important to improve our competitiveness as a continent. However, most countries lack scale and additionally need to improve the rule of law, enhance policy and regulatory certainty and predictability, promote innovation and engineer new models and paradigms for financial services to be a catalyst for growth. Financial services in this regard refers to savings, credit, payments and insurance.”