Blog – Page 23 – Windhoek Observer

20 Nov

South Africa gets a credit rating upgrade

Observer Money

Chamwe Kaira S&P Global Ratings has upgraded South Africa’s long-term sovereign ratings, raising the country from ‘BB-’ to ‘BB’ for foreign currency and from ‘BB’ to ‘BB+’ for local currency. The outlook is positive, the South African National Treasury said. South Africa is one of Namibia’s biggest trading partners. In September, it was Namibia’s largest export destination with a share of 17.8%. Botswana followed with 14%. Zambia, China, and the UAE were also among Namibia’s top five export markets. South Africa remained Namibia’s main source of imports, accounting for 33.3% of all goods entering the country. China held 10.8%, while…

20 Nov

TotalEnergies, Chevron lead race to purchase stakes in Mopane

Observer Money

Chamwe Kaira Four sources have confirmed that TotalEnergies, Chevron and other oil majors are leading the race to buy a 40% stake in Galp Mopane in Namibia, Reuters reported this week. Galp said it will announce the winning bidder and the estimated resources of Mopane by year-end. Namibia has continued to attract international oil companies after several major finds since 2022. The National Petroleum Corporation of Namibia (Namcor) says the discoveries point to Namibia’s potential to rank among the world’s top 15 oil producers by 2035, even though the country does not yet produce hydrocarbons. TotalEnergies and Chevron declined to…

20 Nov

Banking industry is undergoing a quiet revolution

Observer Money

Karen van der Merwe In an era defined by convenience, speed, and personalisation, the banking industry is undergoing a quiet revolution. No longer confined to branches or apps, banking is becoming embedded in the everyday lives of customers – woven into the experiences they value most. This shift from banking-as-a-product to banking-as-a-lifestyle marks a strategic transformation in how financial institutions must operate to remain relevant. For decades, banks focused on offering products – accounts, loans, cards – designed around internal capabilities. But as technology reshapes consumer expectations, the competitive edge now lies in curating experiences, not just selling services. Customers…

20 Nov

Store expansion, credit growth drive Lewis Group performance

Observer Money

Staff Writer Lewis Group has posted strong unaudited results for the six months ended 30 September 2025, recording double-digit revenue growth, wider profit margins and a sharp rise in operating profit. The retailer also declared an interim cash dividend of 337 cents per share. The Group has 27 stores in Namibia. In 2015, it acquired 21 local outlets, adding to its existing six. Despite a tough trading environment, Lewis continued to invest in long-term growth by expanding its store network and growing its credit customer base. The debtors book grew by 14% to N$8.5 billion, supported by strict credit-granting rules…

20 Nov

Africa warns high debt threatens its climate action

Africa / World, Featured

Justicia Shipena Africa’s climate negotiators say that high debt, costly finances and new trade barriers are making it harder for the continent to meet its climate commitments. The message was delivered by Richard Muyungi, chair of the African Group of Negotiators (AGN), during a meeting on Wednesday with United Nations (UN) secretary general António Guterres at the 30th Conference of Parties (COP30) climate conference in Belém, Brazil. Many African countries, according to Muyungi, are grappling with high borrowing costs, limited access to long-term finance, and increasing debt vulnerabilities. He also warned that new unilateral climate-related trade measures threaten African industries…

20 Nov

SADC stakeholders demand coordinated effort to end child marriage

Africa / World, Featured

Moses Magadza A panel discussion following the inaugural public lecture honouring the late chief Theresa Kachindamoto of Malawi stirred reflection, debate and renewed urgency for coordinated regional action to eradicate child marriage. The Southern African Development Community Parliamentary Forum (SADC PF), with funding from Sweden and in collaboration with the National Assembly of Zambia, the University of Zambia’s School of Law, CARE International, and other partners, convened the public lecture on Monday last week. Moderated by gender advocate Lynn Chinene of CARE Zambia, the panel discussion brought together traditional leaders, legal experts, lawmakers, youth representatives and students as efforts intensified…

20 Nov

Miss Namibia team calls in lawyers over tribal attacks

National News

Renthia Kaimbi The Miss Namibia Organisation says it has begun consulting its legal teams after a surge of tribal, racist, and defamatory attacks targeted at Miss Universe Namibia Johanna Swartbooi. The organisation's chief executive officer, Umbi Karuaihe-Upi, said the organisation is reviewing all legal options to address the online hate speech. She emphasised that Namibian law protects Swartbooi and characterised the attacks as tribalist, cyberbullying, and defamatory. Karuaihe-Upi said Swartbooi remained mentally strong and focused on the competition, supported by her family and the organisation. The Namibian Broadcasting Corporation (NBC) also issued a strong statement, calling the attacks unlawful and…

20 Nov

ACC arrests four over subsidy fraud and job interview corruption

National News

Justicia Shipena The Anti-Corruption Commission (ACC) has this week revealed that it arrested four people in two separate cases involving subsidy fraud and alleged corruption in a government job interview process. In the first case, the ACC arrested Muleihi Moscow Neo, a 41-year-old senior agricultural technician at the Omamishu Agricultural Office in Eengodi Constituency, along with Panduleni Hamunime, a 47-year-old resident of Okadiva Village. The matter stems from a 2017 government weeding subsidy scheme payment made to the Ndemutalelapo Supporting Group. ACC's interim spokesperson Marina Matundu said Neo created false vouchers to inflate the group’s subsidy from N$7 500 to…

20 Nov

Nandi-Ndaitwah signs Appropriation Bill into law …State House gets N$5 million more

National News

Justicia Shipena President Netumbo Nandi-Ndaitwah has approved the national budget for 2025/2026 by signing the Appropriation Amendment Act of 2025 into law. The act updates the amounts allocated to government institutions to meet the state’s financial requirements for the year ending 31 March 2026. The office of the President receives an extra N$5 million, raising its allocation from N$1.458 billion to N$1.463 billion, according to the government gazette published on 19 November. For the current financial year, the office was allocated more than N$1.4 billion. When the budget was motivated in Parliament in April, prime minister Elijah Ngurare said it…

20 Nov

NaCC fine shadows !Gawaxab’s exit

Main

Renthia Kaimbi The ghosts of the Namibian Competition Commission (NaCC) fine may have been among the pressures that pushed Bank of Namibia (BoN) governor Johannes !Gawaxab to take an early resignation, one year before his term ends. In May last year, the NaCC issued a N$1 million fine against !Gawaxab, Ismael Gei-Khoibeb and Gamma Investments for carrying out a merger without the commission’s approval. The penalty followed reports that !Gawaxab was facing allegations of selling businesses and shareholdings in a major insurance company to family and friends, despite publicly claiming he had disposed of those interests to “unrelated parties". That…