Namibia to Ready Black-Ownership Law by Year-End, President Says

Kaula Nhongo, Bloomberg, February 27, 2018

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The government of the southwest African nation that’s among the world’s most economically unequal is in the final leg of consultations on the National Equitable Economic Empowerment Framework that will make it mandatory for white-owned businesses to sell a 25 percent stake to blacks, President Hage Geingob told reporters Tuesday in the capital, Windhoek.

“We have to address the underlying structural impediments which make it difficult, if not impossible, for Namibians to effectively participate in the economy,” Geingob said.

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The Namibia Chamber of Commerce and Industry wants the focus on economic ownership scrapped, saying it will result in capital flight.

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Namibia will draw comparative experiences from South Africa, but its legislation will be unique, Geingob said.

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