Poor data puts business decisions at risk …reliable statistics guide operations\ and reduce danger

The Bank of Namibia (BoN) yesterday warned that poor-quality economic data could leave Namibian businesses and investors making decisions in the dark, saying reliable statistics are needed to reduce risks, guide investment and support economic growth.

These remarks were made in Windhoek this week during the BoN and Namibia Statistics Agency (NSA) Statistical Awareness Day, where they highlighted the importance of accurate and timely information in helping businesses, policymakers and investors make informed decisions.

BoN Governor Ebson Uanguta said reliable statistics are important because they help businesses, government and investors understand what is happening in the economy and make decisions based on facts.

Data refers to information collected, recorded and analysed to understand a situation. In business and the economy, data includes information such as prices, inflation, employment figures, trade numbers, population trends and economic growth.

Without accurate data, businesses may struggle to know where to invest, which products customers need, how much to charge and whether expanding operations is a good decision.

“Statistics are far more than just numbers on a page. They tell the story of our nation. They reveal where we have made progress, where challenges remain, and how the economy has evolved,” Uanguta said.