Abstract provided by author
Namibia attained its independence in 1990 after decades under South African rule. Being relatively young it enjoys the status of a developing country in the eyes of the global community. As a result of South African administration many of South African laws have been transplanted to Namibia and until today apply here. One of these laws is the Credit Agreements Act 75 of 1980. One of the challenges faced by the Namibian Government in contemporary Namibia is to initiate laws for promulgation that repeal outdated and ineffective laws and also came up with new laws which promote the welfare of its subjects
Outdated and ineffective laws inhibit the ability of the citizens to take full advantage of economic activities which could increase their living standard and creation of wealth. Against this background the Credit Agreement Act 75 of 1980 is being investigated to establish its effectiveness in the present political and economic circumstances. Particular emphasis is placed on selected sections. This approach has been embarked upon in lieu of persistent trade practices evidenced in the print media. Having regard to these certain provisions of the Credit Agreements Act seems to be violated
The Act was intended as a consumer protection measure, but in the light of the trade practices are seen to be ineffective to keep up with challenges pose by the rapid changing commercialized society. To deliver on the aspirations set forth in the Namibian Constitution (Art 95(e)) and to keep abreast with dynamic needs of society, the legislative framework relating to consumer protection needs to be reviewed.
