PDM Demands Urgent Action on Namibia’s Rising Costs

By Allexer Namundjembo

Popular Democratic Movement (PDM) have called the government to address the state of inflation trends worrying the nation.

In a press statement, PDM president McHenry Venaani said inflation I worrisome. He said the government must address the state of inflation trends which is worrying our great nation.

‘’Recent reports indicates that, Khomas region has recorded a scaring 5% surge in living costs due to the exponential increase of food prices for essential goods and services, such as food, transport, housing, electricity, gas and other fuel, this is quite distressing and requires immediate attention’’ Venaani said.

He further said that Kavango West and East, Ohangwena, Oshana, Omusati, Kunene and the Otjozondjupa regions, among others, are closely following behind with a 4.6% increase, indicating that this is not a localized issue, but rather represents a nationwide hindrance to the quality of life for Namibians.

‘’The citizenry is already significantly strained due to the heightened cost of living. We have long drawn reference to the fact that the cost of living has become overwhelming for the people of Namibia and threatens a dignified livelihood of all our people, as it exacerbates an already high multi-dimensional poverty index’’ Venaani said.

Venaani further added that, evidence is now further outlined through the continued rise in consumer prices. This in his views means that curbing the problem will require decisive and multi-pronged interventions. He further added that at the very top of economic policy should be strategies that increase internal production and reduce over-reliance on imports for food and other complementary goods.

‘’This would consist of a reinvigorated approach toward agriculture, investment in modern farming techniques, and support toward food production so that it is not at the mercy of global supply chains and price volatilities. Equally necessary is the need to address deep-lying structural factors that feed into inflation, among them limited domestic production, high cost of imports, and bottlenecks in the energy sector’’ he added.

Venaani suggested that It is also important to review and, where necessary, adjust the current monetary policy framework. Amongst these would be the need to review measures such as inflation targeting for appropriateness and efficacy within the Namibian context.

 ‘’This ensures nuanced and agile approaches toward monetary policy. PDM is of the view that evidence-based policymaking by the government should reduce uncertainty as much as possible to ensure the well-being of our citizens. This is necessitated by the fact that such approaches would greatly support economic stability’’   he added.