Reserve bank hosts 19th annual symposium


The Bank of Namibia hosted its 19th annual symposium under the theme ‘Creating Employment through Technical Vocational Education Training (TVET) in Namibia’ in Windhoek today.

This year’s symposium theme is focusing on vocational education with a special emphasis on its ability to tackle many of the most pressing socio-economic challenges Namibia faces today, BoN governor Iipumbu Shiimi said.

“We can see that Vision 2030 expects Namibia to be developed by her human resources. Artisans trained in TVET are a critical part in industrialising Namibia and achieving Vision 2030.”

“Hence the selection of this year’s topic similar to the previous year’s topic that have always been aligned to the aspirations of Vision 2030, National Development Plans and the Harambee Prosperity Plan. Namibia has started to aggressively reshape her TVET strategy over the past few years with the view to support skills development, economic growth and employment creation,” he said.

He added that it is a commendable strategy as history taught Namibia that countries that have a strong industrial base have paid sufficient attention to TVET.

Shiimi also said that he is fully aware that it is necessary to expand access to and improve quality of TVET programs in Namibia.

“I know that a good number of our Vocational Training Centers (VTCs) need additional resources for renovations, equipment and improving instructor’s qualifications.”

“At the same time, it has now become conventional wisdom that Namibia already spends twice as much on education compared to her peers in the region and other upper-middle-income countries. This means that despite the acute need to expand access to improve the quality of TVET programs Namibia is not in a position to spend more on education,” he said.

He added that it might also be critical to assess the cost-effectiveness of the strategy often mentioned to establish more VTCs in all regions as opposed to expanding the size and the quality of the exiting VTCs.