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This week, Kazembire Zemburuka, Director of Strategic Communications and International Relations at the Bank of Namibia addresses the current hot topic were commercial banks have been accused of making super profits and having high bank charges. Observer Money (OM): In terms of the most talked about banks in Namibia being accused of makingexcessive profits, how do the profit margins in Namibia compare to other countries in SACU, SADC and Africa in general? Kazembire Zemburuka (KZ): OM: Members of Parliament both ruling and opposition support the view that bank charges in Namibia are high, does BoN think this view is based…

Chamwe Kaira The government has outlined key sectors for emphasis within its “Green Industrialisation” framework. James Mnyupe, the Presidential Economic Advisor, revealed this week that the focus areas for green hydrogen development include renewable energy, hardware manufacturing, natural resource valorization, clean energy utilisation, and derivatives of green hydrogen. Within the manufacturing realm, Mnyupe highlighted opportunities in solar panel manufacturing, copper cable manufacturing, electrolyser manufacturing, and wind turbine manufacturing. He also touched upon battery materials processing and rare-earth element processing. Mnyupe discussed the potential of the blue economy and food processing, emphasising the need for further exploration in seaweed farming and…

Chamwe Kaira The Windhoek Country Club and Casino is expected to pay a N$20 million dividend cheque to the Ministry of Finance and Public Enterprises next week. “We all know that the last years have been challenging for the hospitality industry and we are gratefully noticing the steady improvement in our circumstances since last year. It is therefore a great pleasure to be able to hand over an amount of N$20 million to the Ministry of Finance and Public Enterprises,” said, Tony Boucher, general manager of the WCCR. The dividend cheque handover to the Minister of Finance and Public Enterprises,…

Retirement Fund Solutions, Managing Director, Marthinuz Fabianus comments on the current debate of compulsory preservation of pensions. Observer Money (OM): What is your opinion on this topic? Marthinuz Fabianus (MF): The biggest majority of employees only save for retirement through the contractual employer sponsored pension funds. Membership of an employer’s pension fund is a condition of service. Caring employers with good fringe benefits tend to have low staff turnover and employees as a result build up large sums in their retirement savings accounts. When an employee with 15 to 20 or more years of service change jobs, it becomes tempting…

Chamwe Kaira Oceana Group said in the annual results for the year ended 30 September that horse mackerel catch volumes in Namibia improved by 7.5 percent with an increase in both catch rates and sea days. The group’s total horse mackerel sales volumes reduced 6 percent to 45 327 tons (2022: 48 245 tons). In South Africa, catch rates were 32.4 percent lower due to the impact of the ongoing La Niña weather pattern on the east coast, and associated warmer sea temperatures extending into the 2023 season. The Desert Diamond vessel also underwent a planned engine overhaul in the…

Alpha Namibia Industries Renewable Power Limited (ANIREP) told its shareholders and the general public this week that the ongoing rights offer process has delayed the preparation and finalisation of its interim financial statements for the half year ended 31 August. Consequently, ANIREP said it would not be in a position to publish its interim report for the six months ended 31 August 2023 within three months, as required in terms of the Namibia Stock Exchange listings requirements. Accordingly, ANIREP said it had obtained formal approval from the Namibian Stock Exchange (NSX) to delay the publication of its audited financial statements…

Chamwe Kaira Deep Yellow Limited recently revealed that an updated Mineral Resource Estimate for the Tumas 3 Deposit in the Erongo Region's EPL3496 indicates the potential for an additional 25 million pounds of uranium oxide. This discovery has the potential to extend the Life of Mine for the Tuma uranium project to over 30 years. The final investment decision is anticipated in the first half of next year. Owned by Deep Yellow's subsidiary, Reptile Uranium Namibia (Pty) Ltd, the deposit underwent a drilling programme west of Tumas 3. The focus was on expanding the current resource towards Tumas 3 West…

Standard Bank said this week that Africa regions continued to perform very well and delivered strong earnings growth period on period in both reported and constant currency, the bank said in a report to the ten months to 31 October. Africa regions' contribution to group headline earnings for the period was 44 percent. The bank said while higher average interest rates continued to support net interest margin, net interest margin expansion has slowed in recent months given that the interest rate increases seen in the second half of 2022 are now embedded in the base. Lower demand, reduced affordability, and…

Martin Endjala The Development Bank of Namibia (DBN) yesterday announced the appointment of Nicky Katapa Mutenda as its new Chief Financial Officer (CFO). Mutenda will assume his role on December 18, 2023, and is expected to serve for five years. John Steytler, DBN's Chief Executive Officer, said that Mutenda's appointment followed a thorough selection process conducted by a panel consisting of six distinguished individuals from the DBN Board and external experts. Steytler expressed firm confidence in Mutenda, recognizing him as a capable candidate who would contribute to the bank's success and growth. Mutenda brings more than 11 years of experience…