By the time a politician starts blaming bank profits for public debt, you know the argument has run out of numbers. A recent parliamentary debate dusted off this tired narrative—claiming Namibians are “drowning” in debt while banks cash in with “infamous” profit margins. The problem isn’t the debt. It’s the misdirected outrage—and the absence of any serious solutions.
Yes, consumer debt levels in Namibia are high. Yes, civil servants are increasingly leveraged. But to suggest this is the result of banking-sector greed—rather than policy stagnation and financial mismanagement—is not just misleading. It’s dangerous.
The profits posted by banks sound monstrous until you remember what they are: returns earned by licensed lenders operating under regulatory oversight, capital buffers, disclosure rules, and risk-based pricing. That profit underwrites pensions, insurers, and even state-owned funds. It is not a crime to be profitable. What is reckless is turning profitability into a scapegoat for deeper structural failure.
Here’s the truth: the real crisis is a collapse in financial literacy. Public servants take out loans for basic expenses because wages have flatlined and inflation has eroded purchasing power. That’s what drives them into the arms of backyard lenders. This was mentioned only in passing—but it’s the one issue that deserves actual legislative attention.
If laws are inadequate, rewrite them. But no statute will erase desperation. Capping profits or vilifying lenders won’t stop the next teacher from borrowing to pay school fees or funeral costs.
What might help? Start by fixing payroll deductions. Mandate real lending transparency. Introduce a national credit education campaign—in every school and public-sector office. Pay for it by draining the subsidies that prop up bloated SOEs and limp stimulus plans.
Namibians deserve a debate about debt grounded in numbers—not slogans. They need leaders who can read balance sheets—not just headlines. What they do not need is another performative press release masquerading as policy.
