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25 Aug

With no money, choices are limited

ObserverNational News, ,
There is no doubt that auctioning fishing quotas is a step backwards in the government’s stated commitment since independence to Namibianise utilization of natural resources. Selling fishing quotas to the highest bidder regardless of where that bidder comes from, is not the optimal solution, but right now, it might be one of the only solutions left. With no money, choices are limited. Aspirations of complete black empowerment and national self-sufficiency have been overtaken by realities. Money is needed now. One can point to many causes that have led the country to this point. Drought, recession, the falling South African Rand,…
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Corona disrupts RDP corruption investigations
25 Aug

Corona disrupts RDP corruption investigations

ObserverObserver Money,
Andrew Kathindi President of the Rally for Democracy and Progress (RDP) Mike Kavekotora has said that the party’s internal investigations of party members Brunhilde Cornelius and Nicanor Ndjoze, who are fingered in bribery allegations, have been disrupted by the recently imposed travel restrictions in Windhoek. Last month, Cornelius, who is the RDP Secretary General and City of Windhoek (CoW) councilor, claimed in a report by Al Jazeera that Ndjoze, RDP’s secretary for transport had offered her a bribe so that she would not oppose a 5G partnership between the City of Windhoek and Chinese mobile giant Huawei. “We have asked…
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Police warn over rising COVID cases . . . as Windhoek numbers continue to rise
25 Aug

Police warn over rising COVID cases . . . as Windhoek numbers continue to rise

ObserverObserver Money
Andrew Kathindi Khomas regional police commander Joseph Shikongo has warned that if residents don’t adhere to curfew rules, the president could issue new rules that would take the city back to stage 2 of the State of Emergency lockdown. The entire country is currently in Stage 3 of the lockdown. However on 12 July, Erongo and Khomas had to adhere to a curfew from 20H00 to 05H00 as decided by President Hage Geingob after cases in the capital city began to rise at an alarming rate. “Right now, there is no guarantee. I had a meeting with the governor of…
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Shiimi launches Credit Guarantee Scheme for SMEs
21 Aug

Shiimi launches Credit Guarantee Scheme for SMEs

ObserverUncategorised, ,
Staff Writer Finance Minister Iipumbu Shiimi has announced the commencement of the Credit Guarantee Scheme for SMEs. The scheme will provide collateral cover of 60 percent for qualifying SMEs applying for finance from participating commercial finance institutions. “The rationale behind the Credit Guarantee Scheme is that there are SMEs with excellent prospects for success and viable business plans, but lacking the necessary collateral to obtain loans. Commercial finance institutions require the security of collateral to ensure that their capital is preserved in the event of an SME being unable to repay their loans. By insuring credit granted to qualifying SMEs,…
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21 Aug

Public financial disclosures a mixed bag

ObserverNational News, ,
The minister of agriculture, water and land reform, Calle Schlettwein is to be applauded for his financial disclosures. He followed the rules with integrity and good intentions. However, we question how democracy is strengthened in Namibia by one member making such a detailed disclosure. The rules of financial disclosure by ALL in Parliament are not being followed. And, financial information is being reported salaciously. This is not the reason behind disclosure. Financial disclosure of assets is only useful in deciding if legislation before the Parliament is in conflict with the personal assets of MPs. How the minister financed the renovation…
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Standard Bank relaunched the Buy-a-Brick Footprint
21 Aug

Standard Bank relaunched the Buy-a-Brick Footprint

ObserverObserver Money, , , ,
Staff Writer Standard Bank (SBN) has relaunched the Buy-a-Brick Footprint Socks campaign which is intended to raise funds for the construction of houses for Namibia’s shack dwelling community. The campaign was initially launched in March this year to mobilize schools in the nationwide effort to raise funds for the construction of low cost house but had to be suspended due to the Coronavirus (covid-19) pandemic. However, despite the prevalence of Covid-19, Standard Bank deemed it necessary to relaunch the campaign to shine light on the plight of the shack dwellers community by raising funds through the selling of the Footprint…
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Church tax still under consideration
21 Aug

Church tax still under consideration

ObserverObserver Money, ,
Andrew Kathindi Ministry of Finance says plans to tax churches remains under considering two years on, with Finance minister Iipumbu Shiimi still to pronounce himself on the way forward. This comes after then finance minister Calle Schlettwein had stated in 2018 during his Budget Speech plans to probe Section 16 of the Income Tax Act to include taxing religious organisations such as churches. “The proposal is still on the cards but not yet tabled to parliament as consultation with the new Minister on this particular amendment is yet to be done,” finance ministry spokesperson, Tonateni Shidhudhu told the Windhoek Observer.…
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Asset manager courts GIPF for Ohorongo buy . . . as IDC plans exit
21 Aug

Asset manager courts GIPF for Ohorongo buy . . . as IDC plans exit

ObserverObserver Money, , , ,
Staff Writer The Government Institutions Pension Fund (GIPF) has received an unsolicited proposal from one its asset managers seeking financial backing for its plans to acquire Schwenk Namibia (Pty) Ltd, the company which owns and operates the Ohorongo Cement factory. The cement company is now back on the market after the Namibia Competition Commission (NaCC) this month blocked West China Cement Limited from acquiring the business for N$1.5 billion citing the proposed acquisition could be uncompetitive since West China Cement Limited is a majority shareholder in Cheetah Cement, a move which could enable possible collusion and price fixing to the…
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20 Aug

Namibia can only survive if it is unified

ObserverNational News, ,
The recent back-and-forth between burned out ‘residents’ of Twaloloka and a landless group claiming to be born in Walvis Bay, shows the ugly spectre of disunity. The latter group is angry. They purport to have been waiting for land without results. They object to the fire victims who are supposedly not originally from Walvis Bay and yet are set to receive plots. Times are tough; the worst breakdown is where groups begin to compare their poverty and stubbornly claim that theirs is worse. Two groups of landless, impoverished people fighting each other solves nothing. It does not address the root…
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BoN forecast 7.8% domestic economy contraction
20 Aug

BoN forecast 7.8% domestic economy contraction

ObserverObserver Money, ,
Staff Writer Bank of Namibia (BoN) has forecasted the domestic economy to contract by 7.8 percent in 2020 before a moderate recovery of 2.1 percent in 2021. “The COVID-19 pandemic has caused domestic economic activity to contract severely during the first six months of 2020. The slump was reflected in sectors such as mining, agriculture, manufacturing, construction, tourism, wholesale and retail trade as well as transport and storage. Activity in the telecommunication and local electricity generation subsectors, however, showed some improvements in the first half of 2020 compared to the same period in 2019,” BoN Governor Johannes !Gawaxab announced on…
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