Bank of Namibia Warns Mining Challenges Could Hamper Economic Growth Beyond 2024
November 20, 2024
The Bank of Namibia warned that ongoing challenges in the mining sector, particularly the diamond industry, could extend beyond 2024, potentially hindering the country’s economic growth. BoN Director of Strategic Communications and International Relations Kazembire Zemburuka noted the sector’s struggles with reduced production volumes and falling international diamond prices, which have negatively impacted GDP growth throughout 2024 and are forecast to continue into subsequent years. Last year, mines minister Tom Alweendo noted that Namibian diamonds are increasingly coming under threat from synthetic diamonds which have competed with real diamonds for market share for decades. We spoke to Brent Eiseb, the chief executive officer for the Namibia Diamond Trading Company (NDTC)
