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Chamwe Kaira Former minister of finance, Iipumbu Shiimi, says the country's high household debt, especially among public servants, is fuelled by gaps in the law and weaknesses in the deduction code system. Shiimi explained that the payroll deduction management system (PDMS), meant to improve access to credit, has instead encouraged excessive borrowing as microlenders face little risk when repayments are automatically taken from salaries. “Consequently, many civil servants are left with little to no disposable income and increasing financial distress,” he said. Shiimi called for the speedy adoption of the consumer protection bill to place all microlenders under the Namibia…

Chamwe Kaira Reconnaissance Energy Africa (ReconAfrica) Ltd says drilling of the Kavango West 1X exploration well is progressing as planned. Brian Reinsborough, the company’s president and chief executive officer, said the final casing string has been set at a depth of about 2,300 metres, just above the targeted Otavi reservoir. “Currently, the well is drilling ahead into the Otavi carbonate reservoir, which is the primary target in the Damara Fold Belt. We anticipate drilling an extensive section of the potential reservoir, which will be followed by a full evaluation of the Otavi section. The Kavango West 1X well is testing…

Staff Writer Canadian-listed copper developer Koryx Copper Incorporated has made amendments to its management information circular ahead of a special shareholder meeting scheduled for 15 October. The company said the changes were required due to a labour dispute in British Columbia, which could delay regulatory approvals for its planned continuation and redomiciliation from Canada to Luxembourg. At the meeting, shareholders will vote on Koryx’s proposal to transfer its registered office and central administration to the Grand Duchy of Luxembourg, where it will operate as Koryx Copper S.A., a public limited company. The move is aimed at improving Koryx’s international corporate…

African companies raised over US$800 million in the third quarter of this year, marking a 21% increase compared to the same quarter in 2024. This growth was driven primarily by growth-stage funding, despite a decline in the number of deals.  This uptick in funding, following several quarters of decline since the 2021 funding bubble, reinforces predictions highlighted in our recently released Africa Venture Pulse Report, which indicates that 2025 funding is on track to surpass 2024 totals. Since peaking in 2022, overall deal activities, particularly deals between US$100 000 and US$1m, have been on a steady decline.  In contrast, very…