President Hage Geingob flanked by Prime Minister Sara Kuugongelwa-Amadhila (left) and the Secretary to Cabinet George Simataa (right). PHOTO: STATE HOUSE

Cabinet has approved in principle the long-awaited National Equitable Economic Empowerment Policy Framework (NEEEF) and its Draft Bill. 

Cabinet also authorized Prime Minister Sara Kuugongelwa-Amadhila to submit the Draft Bill to the Cabinet Committee on Legislation for scrutiny, before it is tabled in the National Assembly. 

These were the words of Information and Communication Technology Minister Stanley Simataa when he announced the outcome of the second decision making cabinet meeting for year on Thursday. 

The bill which seeks to ensure that the country’s wealth and resources are shared equitably and in a sustainable way, has been on ice since 2015.

This was due to a dispute over a clause which forced white businesses to give up 25% stake in their companies to previously disadvantaged Namibians.

Last year, Geingob told a two-day Economic Growth Summit in Windhoek that the clause has been removed from the Draft Bill, a process that followed vigorous consultations with stakeholders, especially the private sector. 

At the time, the Head of State maintained that the government is also aware that finalizing the Bill will provide policy certainty, which in turn should reduce capital outflow and unlock domestic and foreign direct investments.

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