Namibia is the only country in Africa with an investment grade rating, something that Namibians should be proud of, presidential economic adviser John Steytler said.Speaking during a presentation at State House on Friday, the former statistician-general noted that Namibia was yet to be downgraded by credit rating agencies.
Agents from Fitch Ratings credit rating agency were in Namibia last week and confirmed the country’s credit rating status as BBB-, he said.
“This means that we are currently the only African country with an investment grade rating, and I think that is something to be very proud of,” he told the meeting attended by cabinet ministers and regional governors in the capital.
Despite Steytler’s analysis, the local economic slipped into recession during the first quarter of 2017 during which Gross Domestic Product contracted by 2.7 from 1.2 percent in the fourth quarter of 2016.
Inflation also remained high at 6.7 percent in April that came down from 8.2 percent in January, the highest annual inflation recorded in seven years.
However, President Hage Geingob chief economist remains hopeful of economic recovery during the course of 2017.
He projected economic growth of three percent, while inflation is expected to average 6.9 percent this year.
“We are seeing some slight signs of recovery but it is going to be a slow growth,” said Steytler.