Windhoek: The Bank of Namibia (BoN) on Tuesday officially launched the National Diagnostic Report on Informality in Namibia under the theme 'Evidence to action for an inclusive economy.' The report aims to provide an evidence-based understanding of the country's informal economy.

According to Namibia Press Agency, the report was produced in collaboration with the Ministry of Industries, Mines and Energy (MIME), the Ministry of Finance, the Ministry of Labour, Industrial Relations and Employment Creation, and the United Nations (UN) in Namibia. It seeks to define the informal economy's characteristics and its impact on the nation.

BoN Deputy Governor Ebson Uanguta, while launching the report, said it marks the culmination of a collaborative process that began in 2023 and involved government officials, regulatory bodies, development partners, academics, and representatives from the informal sector. He emphasized the need to move beyond assumptions to truly understand informality in Namibia.

Uanguta highlighted that the informal economy plays a critical role in the livelihoods of many Namibians, employing 57.7 percent of the workforce. The report's findings present policymakers with the responsibility to translate data into actions that can support informal businesses and facilitate their transition to formality.

The report offers a roadmap for designing effective interventions such as inclusive financial services, targeted infrastructure, and supportive policies. Uanguta noted that informal economic activities sustain many households but often go unrecognized. The report is a step towards acknowledging the informal economy as a sector deserving support.

He further stated that the report gives voice to Namibians working in various informal settings and called for bold policy reforms to tackle informality. The informal economy reflects the resilience and entrepreneurial spirit of Namibians, and the report should mark the beginning of a national renewal.