Observer Money

CHAMWE KAIRA Namibia is one of the sub-Saharan countries that have seen their youth shares of populations peak and will face less severe job creation pressures, the International Monetary Fund (IMF) revealed in the regional economic outlook. The IMF said many middle-income countries like Botswana, Ghana, Namibia, and Mauritius have seen their youth shares of populations peak and will face less severe job creation pressures. The IMF has projected the Namibian government to grow by 4.2% in 2025, compared to 4.2% this year and 31% in 2023. The unemployment rate in Namibia decreased to 19.60 percent in 2023 from 20…

CHAMWE KAIRA Agra has said it remains acutely aware of the challenges posed by the ongoing severe drought and its impact on the agricultural sector. The company said it is committed to navigating these obstacles by implementing strategic measures that enhance its support for producers and strengthen its operational resilience. “Our focus will be on maintaining our commitment to delivering exceptional value to our stakeholders. By prioritising robust risk management practices and fostering collaboration within our communities, we aim to reinforce our market position and ensure that Agra continues to be a trusted partner in advancing Namibian agriculture,” the company…

CHAMWE KAIRA Famous Brands said SADC revenue increased by 3.8% to N$218 million (2023: N$210 million), with operations in Angola, Botswana, Eswatini, Lesotho, Namibia, Malawi, Mozambique, Zambia, and Zimbabwe. “Our biggest markets, Botswana and Zambia, experienced increases in system-wide sales of 4.5% and 31%, respectively, along with like-for-like sales growth of 7.2% for Botswana,” the company said. Famous Brands has said revenue decreased slightly by 1.3% to N$563 million (2023: N$570 million), the company said in financial results for the six months ended 31 August. Operating profit improved by 5.6% to N$232 million (2023: N$220 million), and operating profit margin…

CHAMWE KAIRA Paladin Energy says the return of the Langer Heinrich Mine (LHM) to production was a major milestone on Paladin’s pathway to becoming a globally significant independent uranium producer. The LHM Restart Project achieved an outstanding performance in safety, with over 2.5 million hours worked with no serious injuries or reportable environmental incidents. The ongoing operations of the LHM are in the hands of a full-time local workforce of over 460 people, with a combination of employees and locally sourced mining contractors. According to Paladin, mining operations should resume in 2026, ahead of a nameplate production goal of six…

Niël Terblanché Namibia is not only on track to reduce its carbon footprint but also set to become a leading exporter of green energy, paving the way for sustainable economic growth and environmental resilience. During a media briefing held at the Namibia Green Hydrogen Programme (NGH2P) office in Windhoek, on Wednesday, Green Hydrogen Commissioner James Mnyupe and Theopolina Kapani, Head of Technical and Construction at NGH2P, detailed the country’s ambitious steps towards a sustainable energy future. The two discussed outcomes from a series of international engagements and feasibility studies that aim to position Namibia as a major player in green…

Allexer Namundjembo The finance and public enterprises minister, Iipumbu Shiimi, has provided much-needed relief to businesses and individuals struggling to recover from recent economic challenges by announcing a two-year extension to the national tax amnesty programme. Shiimi made this announcement yesterday while presenting the mid-year budget in parliament. The minister recognised that many businesses were affected by the COVID-19 pandemic, with some businesses shut down, impacting their ability to pay their tax. “I thus postpone the deadline for two more years, and we will not extend the deadline further,” he said. Shiimi also highlighted the government’s commitment to tax policy…

Stefanus Nashama Letshego Holdings Namibia has called for collective responsibility in tackling cybersecurity threats within the financial sector. The bank also urged its clients, both in the public, private, and financial sectors, to remain vigilant. Morgan Beukes, IT risk and information security manager at Letshego Bank Namibia, announced on Wednesday. “The digital landscape presents both endless opportunities and growing threats to the financial sector as cybercriminals become increasingly sophisticated. With cybersecurity awareness month ending this October, Letshego Holdings Namibia urges customers, as well as employees across government, private, and financial sectors, to remain vigilant,” he said. He highlighted the need…

Graham Hopwood Civil society organisations (CSOs) believe the national budget is a powerful tool that can be used more effectively to address systemic poverty, improve living conditions, and promote social equity in Namibia. The Institute for Public Policy Research (IPPR) today released a new briefing paper, entitled Civil Society & The Budget: Perspectives on Priorities. The paper is being published ahead of the 2024-25 Mid-Year Budget Review to be tabled in the National Assembly by the Minister of Finance and Public Enterprises on 28 October 2024. The paper summarises civil society submissions and suggestions regarding budget priorities which have been…