Observer

According to Simonis Storm, the surge in fuel prices is anticipated to trigger a rise in inflation in Namibia. This increase in fuel costs could result in higher transportation expenses, a significant component of the consumer basket, eventually impacting overall inflation. Currently, fuel prices in the United States have reached their highest seasonal level in more than a decade, surpassing last year’s rates, with the national average for regular gasoline reaching US$3.81 per gallon. The firm attributed this increase to Saudi Arabia and Russia extending their oil supply curbs for an additional three months, maintaining production cuts that have kept…

Andrada Mining Limited, under the leadership of Chief Executive Officer Anthony Viljoen, has unveiled plans to enhance productivity and increase output at its Uis mining projects. This decision comes in the wake of securing N$100 million in funding from the Development Bank of Namibia, a crucial element of their comprehensive funding and development strategy. The allocated funds will be strategically utilized to implement improvements at the Uis Mine, aiming to boost the plant’s productivity and output. Viljoen emphasized that these resources will expedite the implementation of the Uis Mine Stage II Continuous Improvement Project. Furthermore, Viljoen expressed optimism that the…

Chamwe Kaira Namibia Statistics Agency’s inflation data reveals that prices in the northern regions of the country were higher in August compared to the rest of the nation. Specifically, Zone 1, encompassing regions such as Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi. Zone 1 experienced a year-on-year inflation rate of 5.3 percent in August this year, which was the highest of the three zones. This is despite that inflation was down from 6.8 percent in August 2022. This decline in the annual inflation rate was primarily due to decreases in the prices of transportation (from…

Chamwe Kaira The government is committed to the sustainable utilisation of the Ohangwena II aquifer to ensure a continuous water supply to the residents of the Ohangwena Region. According to Jona Musheko, the spokesperson for the Ministry of Agriculture, Water, and Land Reform, the ministry has been tapping into this aquifer for some time now by drilling deep boreholes (up to 250 meters deep) to provide water to the people of Ohangwena. He made these remarks while responding to questions about the progress of developing this substantial water source that was discovered over a decade ago. Musheko highlighted one significant…

Chamwe Kaira The government has continued to generate revenue through fish auctions with figures showing that more than N$700 million has been raised through the auctions. This approach involves auctioning fish quotas through a competitive bidding system, ensuring that the nation receives fair compensation for its fisheries and maximizes the benefits of its natural resources. In the latest development, the government has announced its intention to auction 600 metric tons of Monk Freezer Fish to the highest bidder. The Ministry of Finance and Public Enterprises and the Ministry of Fisheries and Marine Resources have invited bids for this quota, with…

Chamwe Kaira Paladin Energy, the Australian mining firm that holds a 75 percent stake in the Langer Heinrich uranium mine, is preparing to revive the mine operations with a workforce of 300 employees. According to Ian Purdy, Paladin’s CEO, the company anticipates that around 300 staff members will be responsible for operating and maintaining the plant. The essential leadership positions for both the in-country and mine site operations have already been filled. The project, valued at US$118 million, is fully financed and is progressing as planned within the allocated budget. The company aims to commence production in the first quarter…

Toyota maintains its position as the top-selling car brand in the market. In August 2023, Toyota continued to lead, capturing a 51% share of the market, which is an increase of 1 percentage point from the previous month. Following closely behind are Ford (7%), Volkswagen (6%), Kia (5%), and Scania (4%). Ford’s market share saw growth, primarily driven by the strong demand for the Ford Raptor, with 64 units sold in August. However, Volkswagen, which used to be the second-best performer, has seen relatively flat sales due to higher prices. In terms of vehicle sales, there was a 2.9% decline…

Hertta-Maria Amutenja Development Bank of Namibia (DBN) has recovered N$500 million of its DBN23 bond, marking the completion of a series of three amortising fixed-rate bonds issued in 2018. This accomplishment, as highlighted by Jerome Mutumba, Executive for Marketing and Corporate Communication at the bank, underscores DBN’s unwavering dedication to supporting Namibia’s growth and prosperity through responsible financing. The journey towards redemption began for DBN in 2018 with the issuance of three bonds: DBN20A1 in February, DBN20B in March and DBN23 in December. These bonds collectively raised an impressive N$500 million, strategically allocated to fund various developmental projects across the…