Foresee Gold Mining Rising’: Namibia’s Resource Economy Is Entering A New Phase

Mon Sep 21 2026

Despite being the world’s third-largest uranium producer, Namibia’s biggest export in July was not uranium. That title now belongs to non-monetary gold, according to the Namibia Statistics Agency. Given the scheduled maintenance shutdown of the Swakop Uranium mine in June, one of the nation’s biggest–this is likely a short-term adjustment–but it is one that suggests the economy’s diversification and resilience is strengthening.

When one sector dropped, another stepped in.

Non-monetary gold accounted for 17.9% of July’s exports, valued at $117 million ($92 million in June), beating uranium’s 5.9% by nearly $80 million. A month before, uranium represented 22.3% at $178 million. Interestingly, Namibia’s rise in gold exports isn’t related to production levels soaring; it’s the result of “higher prices driving export value,” Dzingirai Canicio, Senior Lecturer of Economics at the University of Namibia, tells FORBES AFRICA.

The volatility of global markets has undoubtedly played into gold’s favor, a globally-renowned safe haven for capital. “Most central banks are accumulating gold, which means the demand has increased,” he adds. Several African nations have active buying programs, including Ghana, Tanzania, and Uganda, reflecting a global trend of governments pivoting towards the finite commodity.

That demand reflects a shift in how governments are managing reserves amid growing economic and geopolitical uncertainty. Poland, for example, has set a 700 ton reserve goal, making it the world’s largest buyer of gold, while the Dutch central bank’s decision to transfer 86 tons of its gold reserves from North America to the United Kingdom in early September, citing “increasing geopolitical unrest”, amplifies how vital administrations view the commodity for economic stability.

Looking at the trend analysis, Canicio believes gold’s value—currently trading at around $4,330 an ounce according to Trading Economics—will continue rising for a minimum of six months. It’s a trajectory that he believes will motivate Namibia to increase production.

“They might want to ride on this… I foresee gold mining rising over the next six to eight months,” he says.

But gold’s current prominence does not necessarily challenge uranium’s importance to Namibia. Richard Gaskin, Market Analyst at FP Markets, informs FORBES AFRICA that, over the long-term, uranium will likely “remain Namibia’s primary structural growth [industry] in terms of volume and global production rank…the reason being the global push for nuclear energy.”

There’s a chance, however, that oil and gas could one day become Namibia’s most prized resources. The offshore Orange Basin, lying parallel to the nation’s coastline, has become one of the world’s most closely watched deepwater exploration frontiers, with estimates of its potential hydrocarbon resources upwards of 20 billion barrels. Namibia has yet to produce its first oil, however, the Orange Basin has attracted billions of dollars in foreign investment, a signal of the high expectations in the region. While it’s poised to become southern Africa’s next oil and gas hub, Namibia’s vast desert terrain and consistently strong winds have become a point of interest for the green energy sector. The proposed $10 billion hydrogen and ammonia Hyphen Project is among the most ambitious of these developments.

As multiple sectors advance at once, Namibia’s ability to manufacture a diversified economy increasingly looks like a question of when, not if.

Source: https://www.forbesafrica.com