Namibia's SA claims hit N$122.8bn

Namibian investors and institutions held financial claims on South Africa worth about N$122.8 billion at the end of 2024, a level that was higher than the holdings attributed to Singapore, Japan and Switzerland, according to data from the South African Reserve Bank.

The figure, published in the Reserve Bank’s June 2026 Quarterly Bulletin, measures South African financial liabilities to non-residents by country of residence. It provides an indication of the scale of Namibian investors’ financial exposure to South Africa.

Namibia’s position was broadly comparable with India’s N$124.7 billion, but exceeded Singapore’s N$115.3 billion, Switzerland’s N$98.9 billion and Japan’s N$97.5 billion.

The term “foreign liabilities” does not mean that South Africa owes Namibia N$122.8bn in conventional debt.

Rather, it refers to financial claims on South African residents and institutions held by non-residents. These can include shares, government securities, banking-sector assets, loans and other investments.

Among African countries listed separately by the Reserve Bank, Namibia had by far the largest position. Mauritius recorded N$54.7 billion, followed by Botswana at N$27 billion, Eswatini at N$23.7 billion, Nigeria at N$22.1 billion and Lesotho at N$16.7 billion.

Equities account for large share

The composition of Namibia’s position shows that much of the exposure is linked to ownership of financial assets rather than conventional lending to South Africa.

The private non-banking sector accounted for N$41.1 billion, including N$40.7 billion in equities and N$403 million in debt securities.

The banking sector accounted for another N$21.7 billion. Of this, N$18.8 billion was held in equity and investment fund shares, while N$2.9 billion was in debt securities.

Namibian investors and institutions also held N$13.5 billion in South African general government securities.

Direct investment accounted for a further N$8.2 billion, comprising N$7.1 billion in equity and N$1.1 billion in debt instruments.

Other investments amounted to N$36.1 billion, while financial derivatives accounted for N$705 million. Public corporations accounted for a further N$1.5 billion.

The figures show that Namibia’s financial exposure to South Africa is spread across several channels, but is dominated by portfolio holdings, other investments and banking-sector assets.

The scale of the position also illustrates how closely the two economies remain financially integrated, with Namibian capital invested across South African companies, government securities, banks and other financial instruments.

In comparison with the other countries listed by the Reserve Bank, Namibia’s position is notable not only for its size but also for the relatively small size of the Namibian economy.

The N$122.8 billion position was more than four times the combined holdings recorded for Botswana, Eswatini and Lesotho, and was larger than the positions attributed to several major global financial centres and economies, including Japan and Switzerland.