Big picture. Namibia's economy expanded at a moderate pace in April 2026, but rising fuel and freight costs added external strain. Inflation accelerated to 3.1%, the trade deficit narrowed to N$2.3 billion, and international reserves fell 13.3% year-on-year after the final IMF loan repayment.
Why it matters
- Inflation accelerated to 3.1%. Up from 2.1% in March, driven by fuel-led transport costs, hotels and restaurants, health, and housing. Core inflation held at 2.8%.
- Fuel rose for a second month. Effective 8 May, petrol went up N$1.40 a litre and diesel N$4.63, with the Government drawing N$805 million from the National Energy Fund to cushion the impact.
- Reserves drew down. International reserves fell to N$51.8 billion, 13.3% lower year-on-year, after the Eurobond and a final N$3.9 billion IMF emergency-loan repayment in April.
Macro indicators at a glance
- Trade deficit narrowed: to N$2.3bn in March 2026 from N$5.2bn in February. Exports rose to N$13.2bn (uranium, gold, fish, nickel, diamonds); imports N$15.5bn. China was the top export market, South Africa the main import source.
- Private credit grew 4.25%: year-on-year, with monthly growth slowing to 0.13%. Household credit rose 1.32% on mortgages and consumer finance; corporate credit contracted 1.47%.
- Repo rate held at 6.50%: as the Bank of Namibia supported activity while safeguarding the currency peg. The 2026 inflation forecast was revised up to 3.7%.
- Currency stayed volatile: the Namibian dollar moved from N$16.29/USD in January to N$16.73 in March, recovering to N$16.59 in April.
Fund performance highlights
- Best 1-year return: Old Mutual Namibia Growth, 27.5% (vs 28.3% benchmark).
- Best 5-year return: Old Mutual Namibia Growth, 14.9% annualised (vs 14.7% benchmark).
- Top conservative pick: Allan Gray Namibia Stable A, 11.8% annualised over five years vs a 6.2% benchmark.
- Furthest behind benchmark: STANLIB Namibia Managed A, 3.5pp below on five years (9.0% vs 12.5%).
Investment performance vs benchmark
Latest fund fact sheets, 30 April 2026.
| Fund | AUM | 1Y | 1Y BM | 3Y p.a. | 3Y BM | 5Y p.a. | 5Y BM |
|---|---|---|---|---|---|---|---|
| Money Market | |||||||
| STANLIB Money Market A | N$1.72bn | 6.9% | 7.3% | 7.8% | 8.0% | 6.8% | 6.9% |
| STANLIB CashPlus R | N$1.58bn | 6.3% | 7.3% | 7.5% | 8.0% | 6.5% | 6.9% |
| FNB Namibia Money Market A | N$2.84bn | 7.1% | 6.3% | 7.7% | 6.9% | 6.7% | 6.4% |
| Conservative | |||||||
| STANLIB Income A | N$1.50bn | 8.3% | 7.2% | 9.0% | 8.0% | 7.6% | 6.8% |
| Ashburton Namibia Income A | N$1.26bn | 7.5% | 7.2% | 10.1% | 8.0% | 9.8% | 6.8% |
| NAM Coronation Balanced Defensive | N$0.25bn | 10.7% | 5.1% | 10.9% | 6.6% | 9.4% | 7.5% |
| Allan Gray Namibia Stable A | N$0.58bn | 15.7% | 6.6% | 12.5% | 7.2% | 11.8% | 6.2% |
| Moderate | |||||||
| STANLIB Namibia Managed A | N$0.22bn | 15.6% | 16.9% | 12.6% | 14.4% | 9.0% | 12.5% |
| Allan Gray Namibia Balanced B | N$7.27bn | 23.3% | 17.2% | 15.7% | 12.6% | 14.7% | 10.9% |
| M&G Namibian Inflation Plus A | N$2.48bn | 11.3% | 6.1% | 10.6% | 7.6% | 10.3% | 8.5% |
| NAM Coronation Balanced Plus | N$1.67bn | 15.0% | 18.3% | 14.4% | 13.7% | 11.4% | 11.6% |
| Ninety One Namibia Managed R | N$6.58bn | 19.0% | 17.6% | 13.2% | 13.3% | 11.1% | 11.7% |
| STANLIB Namibia Inflation Plus A | N$0.76bn | 10.9% | 6.1% | 10.1% | 7.6% | 10.4% | 8.5% |
| Old Mutual Namibia Managed | N$1.12bn | 16.9% | 16.1% | 12.8% | 12.7% | 11.4% | 10.8% |
| Aggressive | |||||||
| Old Mutual Namibia Growth | N$0.88bn | 27.5% | 28.3% | 19.5% | 17.8% | 14.9% | 14.7% |
Performing against benchmark (within 0.5pp or above)Underperforming (0.5-2.0pp below)Not performing (more than 2.0pp below)
The takeaway
External cost pressures are building even as the trade balance improves. For investors, the spread between the strongest and weakest risk-adjusted funds remains wide. Speak to a Liberty advisor about which fund profile fits your goals.
Source: Turimuye Uandara, Economist, High Economic Intelligence (HEI).