The Bank of Namibia's (BoN) Board of Directors announced on Wednesday that Johannes !Gawaxab, the central bank's sixth leader, has left his position.

Leader !Gawaxab, who took office on June 1, 2020, will end his term on December 31 of this year.

The bank commended !Gawaxab for his outstanding management and courageous changes, highlighting that his leadership occurred during a very difficult time that involved the COVID-19 pandemic, worldwide economic instability, and a financial industry experiencing fundamental shifts.

"During this time, he managed a reinforced macroeconomic structure marked by low and consistent inflation, a robust financial system, and a progressively updated policy setting," the central bank stated.

!Gawaxab's strong leadership throughout the COVID-19 crisis was crucial in protecting families, companies, and the overall economy.

During the peak of the crisis, the bank accelerated interest rate reductions to boost economic activity, implemented regulatory and prudential measures to enhance liquidity, and temporarily eased capital and reserve requirements to alleviate financial institutions' balance sheet challenges. These steps together averted further economic decline and set the stage for a stronger recovery.

"His time in office also signified a new period of governance, localization, and responsibility within the financial industry. With the Banking Institutions Act of 2023 and associated changes, !Gawaxab promoted the enhancement of board autonomy, making sure that banking organizations have boards that are both locally driven and answerable to Namibia's national priorities," the central bank stated.

As per the BoN, these changes also mandated that all credit decisions be taken inside Namibia, putting an end to practices that did not align with the nation's development goals.

The implementation of a minimum 25% ownership requirement for Namibians strengthened the bank's dedication to increasing local involvement, while improved governance rules ensured that local directors make swift decisions in the country's best interest.

From a macroeconomic perspective, Namibia gained advantages due to prudent and reliable monetary policy during his tenure. Inflation stayed under control, with an average of 3.6% in the first eight months of 2025, a decrease from 4.6% during the same timeframe in 2024.

"Throughout the tightening phase, the central bank increased the repo rate by a total of 400 basis points from February 2022 to June 2023. The steady implementation of monetary policy has played a major role in reducing inflation, allowing for a gradual relaxation this year to aid the local economy," the bank stated.

Additionally, !Gawaxab was instrumental in maintaining Namibia's financial reputation internationally.

In October 2025, he guided the bank's assistance to the government in fully and promptly redeeming its US$750 million Eurobond by convincing commercial banks to cover the N$6 billion shortfall. This success conveyed a strong message to markets and investors that Namibia fulfills its obligations in a transparent and dependable manner.

His long-term perspective is also evident in the creation and successful operation of the Welwitschia Fund, Namibia's sovereign wealth fund. Initially funded with N$270 million in 2022, the fund has significantly increased through investment gains, reaching US$27.7 million, or roughly N$479 million, by September 2025.

The bank also highlighted that the governor is a passionate supporter of financial inclusion, having introduced the Namibia Financial Sector Transformation Strategy. Additionally, the bank initiated a significant digital transformation initiative, which includes the upcoming Fast Payment System aimed at increasing access to digital financial services in rural and informal areas.

Additional significant accomplishments involve expanding national reserves to incorporate gold, enhancing currency notes, and announcing record dividends for the government.

The board conveyed its sincere gratitude for !Gawaxab’s commitment, noting that he departs with a central bank that is more robust, resilient, and prepared for the future.