The Bank of Namibia (BoN) has announced that Governor Dr Johannes !Gawaxab will leave office on 31 December 2025 after more than five years at the helm of the central bank.
The BoN Board said Dr !Gawaxab guided the institution through the COVID-19 pandemic, global economic volatility and major domestic reforms, strengthening monetary stability and modernising the financial system.
According to the Board, Dr !Gawaxab’s leadership during the pandemic included front-loading interest rate cuts, providing regulatory relief and easing capital requirements to support liquidity.
The Bank said these measures helped protect households, businesses and the broader economy from deeper contraction.
The Board credited him for championing governance reforms under the Banking Institutions Act of 2023, including minimum 25% Namibian ownership in banking institutions and ensuring lending decisions are made locally to protect national interests.
The Bank said inflation remained well contained during his tenure, averaging 3.6% in the first eight months of 2025 compared to 4.6% in the same period in 2024.
It said disciplined monetary policy, including a cumulative 400-basis-point rate hike between February 2022 and June 2023, laid the groundwork for rate cuts introduced this year.
The apex bank also highlighted !Gawaxab’s role in supporting Namibia’s full and timely repayment of its US$750 million Eurobond in October 2025, calling it a strong signal of financial credibility to global markets.
The BoN said the Welwitschia Fund, launched in 2022 with N$270 million, has grown to US$27.7 million (about N$479 million) through investment returns alone, supporting long-term wealth creation and stability.
The central bank further credited Dr !Gawaxab for promoting financial inclusion and digital transformation through the Financial Sector Transformation Strategy and the upcoming Fast Payment System aimed at broadening access to digital services, especially in rural areas.
The Board said he also oversaw diversification of reserves into gold, banknote and coin upgrades, and modernisation of bonds and securities infrastructure, while improving financial performance and delivering record dividends to government.
“The Board extends its deepest appreciation to Dr Johannes !Gawaxab for his unwavering dedication and exemplary service. We wish him every success in his future endeavours,” it said.
The Bank did not announce his successor.
