Namibia’s Central Bank Governor talks maintaining Economic Stability
Ahead of Namibia’s new energy sector developments, Johannes Gawaxab, Governor of the Bank of Namibia, outlined efforts to establish an effective fiscal regime in an exclusive interview with Energy Capital & Power last September
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The Bank of Namibia is seeking a balance between economic growth and fiscal stability, having implemented several lending rate increases in the past year to steer off inflation. The central bank is aiming to establish an effective and transparent fiscal regime for the country’s extractive industries – ahead of new developments in oil and gas exploration and green hydrogen production – along with a clear and stable local content framework that supports the growth of local businesses.
Energy Capital & Power spoke with Johannes Gawaxab, Governor of the Bank of Namibia to understand how the bank is supporting the country’s burgeoning oil and gas industry to advance socioeconomic development.
What is the Bank’s operational scope and how does it support socioeconomic development in Namibia?
The Bank of Namibia’s most important role in promoting socioeconomic development is to maintain monetary and financial stability. In other words, its monetary policy seeks to balance price levels with income levels and encourage output levels that will increase employment in the long term. This means that inflation is kept low over both the medium and long term, and that the financial system remains secure and steady.
High inflation destroys the purchasing power of the money in an individual’s pocket, leads to the misallocation of resources, and redistributes income towards the rich, who can better hedge themselves against inflation through, for instance, ownership of property and shares. High inflation also eventually leads to much higher interest rates once savers fully anticipate the inflation and demand an interest return high enough to compensate them for the erosion of the purchasing power of their savings. The Bank, therefore, combats inflation with its monetary policy, aided by the one-to-one exchange rate link between the Namibia Dollar and the South African Rand since the South African Reserve Bank also targets low inflation. This link makes it necessary for interest rates in Namibia to broadly follow those of South Africa, as significant interest differentials may trigger capital flows to South Africa.
However, the Bank of Namibia has a degree of freedom to set its policy rate somewhat higher or lower than South Africa, mindful of domestic economic conditions. As an example, Namibia’s policy interest rate is currently slightly lower than South Africa’s to support its domestic economy. However, it is set responsibly to maintain enough foreign reserves to meet international obligations without risking the exchange rate peg. A stable financial system, where people have confidence that their deposits are safe and that financial institutions are properly supervised, is equally necessary for socioeconomic development. Otherwise, confidence evaporates, uncertainty paralyzes the economy, and development is stunted. The Bank of Namibia, therefore, plays its part in ensuring a stable financial system in our country and is inter alia responsible for bank supervision and macroprudential oversight.
At the micro level, the Bank of Namibia provides seed capital to the Development Bank of Namibia (DBN) for funding small and medium-sized enterprises (SMEs) to support socioeconomic development. The Bank has also initiated the SME Economic Recovery Loan Scheme in conjunction with the Ministry of Finance and Public Enterprises for eligible SMEs to obtain working capital to revive their operations after the devastation of the COVID-19 pandemic. The Bank also provides advice and applied research capabilities to several government institutions, not least in the energy sector, in order to ensure Namibia optimizes the benefits from these burgeoning industries. Furthermore, the Bank continually develops its staff through appropriate training and exposure and provides scholarship opportunities to Namibians in relevant fields for our economic development.
How would you summarize the Bank’s most recent Financial Stability Report?
Overall, the financial system in Namibia remains sound, profitable and with no disruptions, despite the economy performing below potential. Both household and corporate debt increased during the reporting period; however, risks to financial stability remained moderate. The banking sector, in particular, remained liquid, profitable, and well-capitalized, with capital levels well above the minimum prudential requirements. Despite the current inflationary pressures, the banking sector’s asset growth outpaced the prevailing inflation rate, which bodes well for financial stability.
Similarly, the non-bank financial institutions sector remained resilient despite the macroeconomic headwinds. The payment system and infrastructure remained stable, while efficiently contributing towards reliability in payments in order to facilitate financial stability in the country. Overall, risks to domestic financial stability remained stable; however, some risks are anticipated to increase on the back of uncertainty in the global macroeconomic environment, particularly global geopolitical tensions such as the war in Ukraine, slow recovery in China, and the impact of contractionary monetary policy to fight inflation, which appears to be more intractable than previously expected.
How can Namibia implement local content and ownership requirements, while maintaining an attractive environment for foreign investment?
Foreign direct investment is better secured and sustainable if it contributes to broad-based benefits to the local economy. Local content, where such investment makes use of locally available goods and services as well as skills, will ensure sustainability and mutual benefit between the country and the investors. Investors accept this fact, and the balance needed is in terms of flexibility when goods and services, or skills are not locally available. If so, businesses should be able to acquire such goods and services or skills with ease from elsewhere.
It is very important that local content comes at a competitive price and with competitive quality and reliability. Otherwise, the investments will just go elsewhere in the world. In general, our regulatory and business environment should be friendly to all investors, whether local or foreign. After all, they have to take the risk that goes with investment. However, everybody should also pay their fair share of tax, so it is sensible to have uniform tax rates across local and foreign-owned firms. Thus, as a country, Namibia should facilitate that where capacity does not exist, it is created over time, in terms of increasing capacity for local content, skills and competitiveness. In order to stay competitive in emerging industries, it is essential to strike a balance between regulating and promoting local content. This requires designing a policy that supports fairness, accessibility, and growth for local businesses. That would be a sustainable solution, especially in high unemployment environments such as Namibia.
How should Namibia position itself within global decarbonization efforts and a shift away from fossil fuel lending?
The shift from fossil fuels to renewables is gradually taking place. However, it is reasonable to also continue investing in fossil fuel development, as consumer preferences, the stock of transport equipment and the energy infrastructure cannot be changed overnight. At the same time, investment in carbon-saving areas such as green hydrogen is the way to go for the long haul. Namibia is seeing action in both areas. Like many countries on the continent, Namibia is confronted by an energy deficit, which for the short and medium term, can only be met through a mixture of carbon fuels and green sources. In the domestic financial sector, we have observed some activities, with the local banks soliciting funds through green bonds aimed at being disbursed for renewable energy projects such as solar PV and wind farms.
The energy sector is important for the Namibian economy and ensuring energy security is of paramount importance. The Bank acknowledges this importance, and in line with the discoveries that were announced last year, the Bank themed its 2022 Annual Symposium, “Maximizing economic growth from renewable and non-renewable energy sources in Namibia.” The symposium brought together key role players in the sector and the key recommendations from the symposium reflected the importance of building accountable and transparent resource governance institutions to avoid the resource curse, ensuring an effective fiscal regime in the extraction industry, and providing a clear and stable local content regulatory framework.
How competitive is Namibia’s financial market?
Currently, the real effective exchange rate of the Namibia Dollar is undervalued by historical standards. Therefore, production in Namibia is more competitive in international markets than before. The great road system, recent improvements to and expansion of the Port of Walvis Bay, sound macroeconomic policies, and due attention to the environment that Namibia is known for contribute to competitiveness. We are excited by the oil and gas developments, and also by green hydrogen, the expansion of solar power capacity, and developments around lithium and other materials that are helpful in the transition to low-carbon energy. We remain broadly aligned with and committed to Vision 2030.
As for the future of domestic financing, our government is committed to living within its means and managing its deficit so that it can be readily financed, with the lion’s share financed in the domestic financial market. The COVID-induced large deficits of 2020/21 and 2021/22 have made way for much smaller ones, with further deficit reduction in the coming years. Fiscal sustainability is a high priority of the Government. The private sector’s financing needs will continue to be met by a combination of domestic and foreign sources. Foreign direct investment will be prominent in the oil, gas and green hydrogen initiatives. We believe our ready access to the South African capital market is a strong point and an important benefit of our membership in the Common Monetary Area.
This interview is featured in Energy Invest: Namibia 2023, the official investment report for the country’s energy and mineral resource sectors. The publication will be rereleased at the upcoming Namibia International Energy Conference in Windhoek on April 23-25, 2024. To download a full copy of the report, click here (https://apo-opa.co/3SuujjX).
Distributed by APO Group on behalf of Energy Capital & Power
63 Comments
The reps (short for repetitions) are the number of
times you must carry out an exercise before taking a break.
We will start with some back exercises – V-bar lat pulldowns to focus on the lats from a special angle and produce some variation into the
workout. Lastly, we will put the day to relaxation by performing some standing cable calf raises to build our
calves. For hypertrophy, it is recommended that you just perform 8-12 repetitions for
every set whereas lifting weights which might be around 70%-85% of your 1RM capabilities [3].
The primary muscular tissues activated when using a
belt squat machine are the hamstrings, glutes,
and quadriceps. The commonest variation is the 45-degree leg press which is
a plate loaded machine appropriate for both novices and advanced gym goers.
However, activating the gluteal muscles could be achieved by performing numerous exercises including the
glute bridge, barbell squat, glute kickbacks and
hip thrusts. Machine workouts also present a safer way to reach muscle fatigue and not
using a spotter. Free weights are known to have a higher injury danger compared to guided machine workout routines.
Analysis showed that 90% of weight coaching injuries requiring emergency
division visits had been attributable to free-weight
training. Furthermore, machine workouts produce related results as free weights.
Some of the most popular gym machines for hamstring workouts include the lying and the seated
leg curl machine. Your legs function some of your largest and strongest muscles.
The gluteus maximus is the most important muscle within the body, while
the quadriceps are one of many muscle tissue capable of producing
explosive workouts. These muscular tissues, along with the the rest of your network of leg muscle tissue, assist propel your body throughout
sports activities and daily activities. If that’s not convincing enough—strong muscular tissues
even help defend your joints, bringing stability to your
knees and hips.
The cable machine exercise can work all your legs main and smaller muscles through the use of completely different attachments,
angles, and weights. If you have no idea your max leg press weight,
begin warming up with the burden of your physique. Workout your way up to
a difficult weight to do 6 reps at, however you would
complete 3 extra sets of. This easy calf increase could be very efficient as a end result of, using just one leg at a time, you’ll have to work additional hard to stabilize your ankles.
The second day of the workout plan will focus on pulling muscles in our higher bodies just like the again and biceps.
However they’re also scientifically backed to improve your efficiency and energy features considerably.
So, there is little to no probability of sustaining any
accidents or overtraining while following our machine-only push-pull legs break up training routine.
Research have shown that when it comes to power, coaching anywhere between 2 and 6 days per week could be effective so lengthy as the workout plan is well-balanced and stimulating
enough [2].
Give this whole routine, modeled by IFBB bikini pro Rachelle DeJean,
a try—or sub in some of your favorite strikes in your next leg-day
exercise for results you’ll love (and feel!). Tailor the provided plans
to your health level and goals, and bear in mind to enjoy the journey toward a more healthy, stronger you.
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To perform this exercise, you have to place in entrance of the cable machine and put ankle straps on the
end of the cable. How typically you perform leg workouts is dependent upon your fitness stage and objectives.
Nonetheless, it’s not as effective at building mass because it doesn’t
allow as much weight to be lifted. They could be carried out as cable-only leg workouts or as additions
to other leg exercises, however at all times do not overlook that prioritizing
progressive overload is necessary for strength gains. By customizing your leg
workouts to align together with your particular goals, you can effectively target
the desired outcomes while ensuring a well-rounded method to leg coaching.
Pistol squats are a popular body weight unilateral leg exercise, however boy,
are they tough!
The anterior muscles of the upper leg, mainly the quadriceps, are the powerhouses for knee extension. They play an necessary function in actions like squatting and lunging.
In the decrease leg, the anterior muscles lift and decrease the foot, extending the toes which is necessary for maintaining you balanced while walking or operating.
If you’re seeking to get the most out of your leg exercises, then understanding the
anatomy of the muscle group is a good place to start out.
Also, every machine comes with a diagram and a set of directions on them.” Pay attention to tight areas and incorporate stretches concentrating on those specific muscles. I would think about consulting with a sports nutritionist to create a customized plan that keeps you on the best course to achieve your fitness objectives.
You can even progressively improve your range of motion and energy using the bars and weights. These leg machines provide an isolation train, targeting the backs of the legs. There are a couple of variations of the machine, we’re focussing on the seated leg curl machine as it places much less strain on the lower back. Both machines develop the quadriceps and hamstrings of the thigh and the gluteus (buttocks).
Getting plenty of rest and recovery will assist you to get the sturdy and sculpted leg muscle tissue you’re in search of. Calves are one of many most-neglected muscle teams and it’s a shame since you discover when people DON’T train their calf muscle tissue. Though Smith naysayers will let you know it doesn’t mimic a pure human range of motion and therefore isn’t the most effective training too to use, different persons are proudly on staff Smith.
It is a plate-loaded apparatus designed to mimic the movement of a deadlift for constructing posterior chain energy. A Smith machine is a chunk of kit consisting of a barbell fastened to vertical steel rails, permitting for vertical movement solely. You can lock the barbell at different heights by putting the hooks on the rails the place you want them to be. This exercise can also place stress on your back, so it must be prevented in case you have a back harm or back pain.
In this text, we’ll discover the benefits of using a plate loaded leg extension and curl machine, the method to use it successfully, and why it’s a should have for any fitness fanatic. Incorporating machine workout routines into your leg routine can present focused and effective workouts in your quadriceps, hamstrings, and glutes. Machines also present stability and assist, making them nice for beginners or these recovering from accidents. Keep In Mind to regulate the machines to your top and weight, and begin with lighter weights earlier than growing as your power improves.
They might be low-tech, but barbells are nonetheless one of the best ways to construct muscle dimension and energy. This barbell solely exercise is ideal for those days when you wish to use brute pressure to carry heavy weights and embrace your internal powerlifter. The bench will also elevate and decrease on the leg-side (rather than the higher body side, just like the benches you utilize for bench presses).
But the reality of the matter is that many are solely isolating a certain a part of our decrease physique. Machines can most-often prohibit our natural vary of movement and supply too much assist making our muscle tissue work rather less. The leg press is a safe and steady train that is good for people who are new to doing leg exercises. The machine’s stability helps you keep proper kind and scale back the risk of injury.
Similar to the leg extension, you have the added benefit of training both bilaterally and unilaterally to strengthen any muscular imbalances. Some of the most well-liked health club machines for quad exercises embrace the leg press machine, leg extension machine, and hack squat machine. The closest you’re going to get are machines that contain compound movements that work a number of muscle teams and involve motion through a couple of joint. These embrace the leg press, smith machine, and hack squat, which work the quads, glutes, and hamstrings. Leg machines are a robust tool for reaching critical lower body results, whether or not your goal is building strength, improving muscle definition, or enhancing athletic efficiency.
The horizontal leg press is carried out from a seated place and the 45-degree leg press could have your again at a 45-degree angle. The seated position allows you to safely prepare for muscular failure, utilizing the protection stoppers to stop damage. Cable exercises for legs hit the quads, glutes, hamstrings, and calves from a range of angles with out putting any compressive drive in your backbone.
Customers can safely navigate the circuit-style setup, ensuring a complete exercise that addresses numerous muscle teams. It is often used for numerous workouts, such as squats and deadlifts. The workouts chosen can influence the muscle tissue focused by hamstring exercises on the Smith Machine. The Smith machine is more of a whatever-you-want-it-to-be machine, however it’s probably the greatest leg machines at the health club.
If leg day skipping is the cake, not hitting calves is the cherry on top. Not only this, however some even embody your whole posterior chain. First up, if you have hip or ankle mobility points, getting some leg motion in on these machines is an efficient way to strengthen your joints. The movements on the hip abduction/adduction machine are managed and regular. It causes much less pressure on joints and enhances your energy gradually. Leg curl machines can critically work your hamstrings, so stretching is crucial. Focus on stretching out the hamstring with stretches like toe touches and a wall stretch.
Calves are the smallest muscle tissue of the decrease physique, and you can build them up with numerous calf elevate exercises. Neglect leg presses; if you need to give your legs a workout using the Smith machine, the break up squat is certainly one of the finest leg exercises round. The Hyperextension Bench is an essential piece of fitness center tools particularly designed to focus on the muscle tissue in your erector backbone and glutes. It aims to strengthen your back and glutes and improve your posture. Strength training isn’t nearly constructing muscular tissues; it’s a game-changer for coronary heart health. Past the burden room, weightlifting can considerably impression your cardiovascular fitness, lower blood pressure and improve general well-being.
Joseph Lucero is a Energy Coach and Author and owns Harvesting Strength LLC. He Is CSCS Certified, and when he isn’t helping shoppers get stronger, he writes about strength and conditioning to help readers. You can book a free 20-minute consultation with him to see if a customized program would allow you to achieve your targets. For my garage health club readers, try the Soozier Adjustable Seated Calf Elevate Machine for a budget-friendly approach to get a great calves pump at home. As a strength coach and coach, I all the time recommend them for beginner and intermediate lifters. PowerliftingTechnique.com is unbiased and supported by our readers. This isolation transfer works the hamstrings, adding constant tension for higher muscle activation.
Cables also let you perform squat-like exercises with out placing compressive stress in your spine. Leg machines often isolate only one muscle group, however squats work for numerous muscle teams across the whole body. Squats require coordination and stability and can help construct energy and power. On the opposite hand, leg machines could be beneficial if you’re just beginning with strength training and must learn proper type and technique. The leg press, hack squat, Smith machine squat, and Smith machine reverse lunge are efficient compound leg workouts.
The standing leg curl machine is an effective alternative if you wish to train each leg independently from the other. While, this might be done on the opposite two variations, the standing leg curl is specifically designed for unilateral coaching making it slightly simpler for range of motion. As its name suggests, it isolates the glutes and hamstrings whilst helping to strengthen the lower back. While the glute ham developer is much less frequent in big field and chain gyms, you’ll likely get access to at least one in gyms that concentrate on specific energy sports such as powerlifting and bodybuilding. Utilizing leg machines two to a few times per week permits sufficient engagement and muscle recovery. This controlled motion reduces reliance on stabilizer muscles, making it easier to develop power in isolated areas.
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