The Bank of Namibia has blamed the media for their alleged "negative reporting" on the government debt last week which escalated to N$12 billion equivalent to one financial year’s government expenditure or 31 % of the Gross Domestic Product (GDP). However, the BoN omitted to state that the media only reported on what was said by two leading economic experts of the private sector in the past month, who are attached to respected local financial institutions. They at least informed the general public about the real state of affairs.

The attack of the BoN against the media on Monday is indeed strange and uncalled for, as they did not invent the bad news, but were merely the messengers. Instead of government informing the public about the naked truth, i.e. the huge debt, the government went into hiding, leaving it to the private sector to disclose the financial woes. The government reacted through the reserve bank, the Bank Of Namibia only after the media reports.

Economist Chris Mwinga of First National Bank had the courage to reveal the shocking budget deficit of 7 percent, and the BoN in a statement confirmed this figure, which is the highest deficit in the history of Namibia. Mwinga further disclosed last week that Government was borrowing money to serve its accumulated debts. He surely did not make this up, but now the BoN preferred to criticise the media for reporting that he said this.

Two weeks ago, Finance Minister Saara Kuugongelwa-Amathila tabled an additional budget in Parliament for N$65 million to cover expenses of the state medical aid fund. She could have used her motivational speech for the additional appropriation as a golden opportunity to inform the nation about the real debt stock and the increased deficit, way above the target of 4 % as laid down in the three-year rolling budget tabled by her predecessor. The minister preferred to remain silent about crucial facts the taxpayers have a right to know. Despite the belated attempt of damage control by the Government, the ugly truth is out thanks to the private sector and the media.