Observer Money

Chamwe Kaira Namibia’s economy grew by 1.7% in 2025, reflecting a slowdown caused by contractions in key sectors. Simonis Storm said the figure fell short of both market expectations and its own 3.0% projection, citing “the severity of the diamond sector contraction, the depth of the livestock farming reversal, and the steeper-than-expected decline in gross fixed capital formation". Growth started at 2.8% in the first quarter but weakened during the year before a slight recovery in the third quarter, resulting in a lower annual outcome. The firm said policy support and early credit growth signals show that a recovery is…

Chamwe Kaira Early construction works at the Etango Uranium Project are progressing on schedule and within budget, with Bannerman Energy reporting steady progress across infrastructure and engineering activities. The company said site activity has increased, with more than 560 contractor personnel deployed and over 500 000 lost-time injury-free hours recorded. The project maintains a 17-year LTI-free safety record. Bulk earthworks are about 66.5% complete and remain on track. Work includes the development of heap leach pads, associated ponds and wet plant terraces.  Blasting, crushing and screening of heap leach drainage aggregate have reached about 24% of total requirements and meet…

The City of Windhoek is implementing a large-scale planning and formalisation process to address the shortage of serviced land as informal settlements continue to grow. Data from the Namibia Statistics Agency (NSA) and the Ministry of Urban and Rural Development shows there are 419 informal settlements across 57 local authorities in the country, with 150 located in Windhoek. A total of 606 435 people, representing 176 708 households, live in informal settlements nationwide. Of these, 213 234 people, or 67 077 households, are in Windhoek. The municipality said the formalisation process follows statutory town planning, environmental management, land surveying and…

Staff Writer The Namibia Chamber of Commerce and Industry (NCCI) has elected a new leadership team at its Annual General Meeting in Windhoek. Vetumbuavi Mungunda takes over as president from Bisey /Uirab, who remains on the board. Leake Hangala continues as an honorary director. In his first remarks, Mungunda acknowledged past leadership and said directors are custodians responsible for strengthening the institution to support the economy. The new board will serve a two-year term. Patty Karuaihe-Martin is the first vice president and Tarah Shaanika is the second vice president. Other members are Amalia Schmidt, Bisey /Uirab, Brent Eiseb, Caroline Mswabi,…

Staff Writer The Bank of Namibia, in collaboration with the Payments Association of Namibia and the payments industry, has launched the National Payment System Vision and Strategy 2026–2030 under the theme “Inclusive Payments, Shared Prosperity: Charting the Next Era". The strategy builds on progress made under the previous framework, which focused on modernising the payments system. Developments include regulatory reforms, wider use of digital payment services, improved interoperability across platforms and the adoption of standards such as ISO 20022, open banking and NAMQR code. These changes have supported growth in electronic funds transfers, card payments and e-money platforms. The new…

Staff Writer Two operating companies within the Ohlthaver & List Group (O&L) have received recognition at the SADC Quality Awards 2025/2026. Hartlief and O&L Leisure were awarded certificates of recognition at a ceremony held in Johannesburg on 25 March 2026.  Hartlief was recognised in Category 4: Exporter of the Year (Large Enterprise), while O&L Leisure received recognition in Category 3: Service of the Year (Large Enterprise). The awards were accepted by Beverly Jandrell, who represented both companies at the event. O&L executive chairman Sven Thieme said the recognition reflects the group’s focus on operations and its Vision 2029 strategy.  He…

Staff Writer The National Petroleum Corporation of Namibia (Namcor), through its upstream unit Namcor Exploration and Production, has welcomed the start of production testing at the Kavango West-1X discovery well in PEL 73, onshore Namibia. PEL 73 is operated by ReconAfrica with a 70% stake, alongside BW Kudu with 20% and NAMCOR E&P with 10%. The joint venture is focused on developing the Kavango Basin. Regulatory approvals have been secured and work crews are on site preparing the well for testing. The Kavango West-1X well has shown encouraging data. Updated analysis indicates about 75 metres of net hydrocarbon pay in…

Staff Writer Old Mutual Namibia has appointed Sepo Haihambo as managing director designate for the Old Mutual Investment Group (OMIGNAM), effective 1 April 2026. Haihambo has more than 20 years of experience in banking, investment management and financial services. She previously served as chief executive officer for Commercial at First National Bank Namibia and has held senior leadership and board roles in the financial sector. She is a Harvard Business School alumnus. The appointment forms part of OMIGNAM’s leadership and succession planning to support investment delivery and growth. Group chief executive officer Tassius Chigariro said, “Sepo is a highly respected…

Chamwe Kaira  Namibia’s economy grew by 1.7% in real terms in 2025, down from 3.8% recorded in 2024. Real GDP measures total economic output adjusted for inflation, while nominal GDP reflects current prices without adjusting for inflation. Namibia Statistics Agency (NSA) statistician general Alex Shimuafeni said the slowdown was mainly driven by a decline in primary industries. Primary industries contracted by 7.2% in real value added, compared to a decline of 3.2% in 2024.  The drop was driven by mining and quarrying as well as agriculture, forestry and fishing. Mining and quarrying declined by 9.4%, while agriculture, forestry and fishing…

Chamwe Kaira  Finance minister Ericah Shafudah has defended Namibia’s 2026/27 national budget, saying it balances fiscal discipline with the need to protect essential services and support economic recovery. Speaking during the second reading of the appropriation bill, this week Shafudah said the budget does not introduce broad-based tax increases. She said it aims to stabilise revenue without adding pressure on households and businesses. She acknowledged concerns about Namibia’s reliance on Southern African Customs Union (SACU) revenues, which make up about a quarter of total income.  She said this remains a structural risk and that government plans under the sixth National…