The Standard Bank Afrotrade barometer says Namibia’s business confidence has risen with the index score rising from 58 to 59 out of 100 since May 2023.
The increase is attributed to an improvement in Namibian businesses’ ability to access credit, with only 39% of surveyed businesses reporting difficulties accessing credit, a slight improvement from 42% in May 2023.
According to the report, there has also been a remarkable 34% increase in credit arrangements among Namibian businesses, with 65% now relying on credit from suppliers—up from just 31% earlier this year.
“Significant country-level differences emerged, such as a 34% increase in credit arrangements for Namibian businesses, contrasting with declines in Angola and South Africa. 65% of surveyed Namibian businesses have credit arrangements with their suppliers, a significant increase from 31% in May 2023,†the report read.
The report further said that countries like Namibia (75%), Tanzania (48%), and Angola (43%) show a strong preference for intra-African trade, aligning with a broader trend of prioritising quality, pricing, and accessibility in trading activities.
While trade with China remains substantial, especially for importing final goods and raw materials, the growing reliance on Africa’s expanding trade infrastructure is evident.
In terms of ease of trade by country it is reported that Namibia maintained its position at second place, along with Angola (10th) and South Africa (1st), several other nations experienced notable changes.
Mozambique rose from fourth to third, Nigeria moved up to fifth, Tanzania climbed to fourth, and Zambia improved to eighth.
Conversely, countries such as Ghana dropped from third to seventh, Kenya from fifth to sixth, and Uganda fell from seventh to ninth.
Survey findings also reported that, while perceptions of government support across ten African markets showed a slight decline—from an average index score of 53 in May 2023 to 51 this year—Namibian businesses noted an improvement.
The perception of government support among Namibian businesses rose to 55%, up from 50% in the previous year, indicating a growing confidence in local government initiatives within the country.
In Issue 4 of the Standard Bank Africa Trade Barometer (SB ATB), which builds on prior issues released since June 2022, Namibia’s business environment was closely examined through both primary and secondary research.
Data collection for this latest issue occurred from July to September 2024, covering 205 Namibian businesses out of 2,258 surveyed across ten countries, including Angola, Ghana, and South Africa.
The SB ATB’s research involved both firm surveys and in-depth interviews with key stakeholders like Namibia’s Central Bank and Department of Trade, a total of 30 interviews were conducted across all ten countries, averaging three per country.
