By almost any measure, Namibia is one of Africa’s success stories. The arid south-western country, which is more than double the size of Germany but has a population of just 2.2 million, is among the continent’s most stable democracies. And it is relatively rich, with a per capita gross domestic product (GDP) of $6000 – about twice the average for the continent.
Its business environment and institutions rank highly with foreign investors. The World Economic Forum (WEF) recently designated it the fifth most competitive economy in sub-Saharan Africa, saying its infrastructure and financial system were especially strong. Thanks to its low debt-to-GDP ratio of 26%, it is one of only four sub-Saharan states to have an investment-grade rating from Moody’s, Standard & Poor’s or Fitch, which it benefited from when it tapped the Eurobond market for the first time in 2011 with a highly oversubscribed $500m deal.
