Windhoek Observer

The Namibia Wildlife Resorts (NWR) this week declared itself debt-free, saying it was successfully settled all outstanding long-term and statutory debts, some of which date back to the company’s inception. NWR said it has paid up all statutory debts, including back taxes owed to the Namibia Revenue Agency. The total debt was N$93 million. Observer Money this week asked NWR Managing Director, Matthias Ngwangwama about being debt free, becoming profitable and paying dividends to the government. Ngwangwama said he is happy that the company has been able to pay off our long-term and statutory debts only two years after the…

Domestic debt has surged to N$8.7 billion, marking an upward revision from the initial projection of N$7.5 billion stated in the main budget. This adjustment is a response to several financial factors, including a N$579 million increase in the budget deficit, an additional cash requirement of N$273 million, and a N$323 million reduction in foreign borrowing. Consequently, the borrowing plan will be adapted accordingly. The domestic debt stock is anticipated to rise to N$114.5 billion, up from the earlier estimate of N$113.0 billion from the main budget. As a percentage of GDP, domestic debt is expected to remain relatively stable…

During the 2022/2023 financial year, the Development Bank of Namibia inspected and assessed 63 projects valued at N$3.6 billion for compliance. The DBN said it monitors the implementation and progress of remedial actions for the loan’s tenure. The frequency and duration of monitoring depends on the type of transaction financed and the level of risk. “Where clients do not comply with environmental and social risk requirements, DBN works together with clients to achieve the necessary compliance standards,” the bank said. During 2022/23 no active loans were terminated due to noncompliance. Construction and Business Services made up significant sectors due to…

Chamwe Kaira Agra Limited is anticipating financial strain next year due to factors such as escalating fuel prices, rising inflation, and challenges associated with sourcing essential farming input materials. Additionally, the company said the prevailing high-interest rate environment adds complexity to the equation. “Our assessment also encompasses meteorological influences and a continued focus on enhancing credit control practices. We remain vigilant about potential supply chain disruptions caused by load shedding, impacting South African producers, which could lead to fluctuations in availability,” the company said in financial results for the period ended 31 July 2023. The company said although the challenges…

Chamwe Kaira The Bank of Namibia’s stock of international reserves declined in September by 3.4 percent month on month to N$53.8 billion compared to N$55.6 billion at the end of August. “The decline is attributable to commercial bank outflows, as well as government payments. The foreign reserves translated into 5.6 months of import cover, remaining above the international benchmark and adequate to support the currency peg between the Namibia Dollar and the South African Rand,” the central bank said. The annual growth in M2 declined to 7.9 percent at the end of September relative to a growth of 9.6 percent…

Chamwe Kaira The Government has successfully redeemed the JSE-listed Nam03 bond, which matured on the 1st of August with an outstanding balance of N$157 million. This is contained in the Fiscal Policy Statement for the Financial Year 2024/2025 to 2026/2027 released by the Ministry of Finance and Public Enterprises this week. The Government further rolled over the GC23 bond on the 15th of October. To this effect, an outstanding balance of N$2.1 billion at redemption was successfully rolled into other medium to long term bonds along the yield curve. Further, maturing bonds over the Medium Term Expenditure Framework (MTEF) amounts…

Chamwe Kaira Public Enterprises employ 25 000 people, according to statistics released by the Minister of Finance and Public Enterprises, Ipumpu Shiimi this week. The government is in the process of reforming public enterprises to improve their operations. Namibia currently owns 81 Public Enterprises (PEs) consisting of commercial, non-commercial and extra budgetary funds. The Total Asset Value of the all Public enterprises stands at N$119 billion and liabilities at N$60 billion, giving a portfolio Net Asset Value of N$50 billion. Shiimi said it is known the performance of a number of our public enterprises is mediocre; service delivery is ineffective…

Apex Group Ltd, a global financial services provider, has announced its expansion into the Namibian market with the appointment of Sybil Somaes as Country Head – Namibia, responsible for overseeing the delivery of Apex Group’s single-source solution to global clients. Apex Group’s Namibia business supplements the group’s existing presence in South Africa where it currently employs over 1200 people across offices in Cape Town and Johannesburg, servicing 140 clients with assets of USD$130 billion. Apex Group in Namibia will be led by newly appointed Sybil Somaes, with plans to grow client service and delivery teams in this location through the…