Observer Money – Page 17 – Windhoek Observer

10 Oct

Maize imports stood at 5 700 tonnes in September

ObserverObserver Money

CHAMWE KAIRA While South Africa’s maize production is down 22% from the last season because of the tough mid-summer drought to an expected harvest of 12,8 million metric tonnes, South Africa has continued to export maize to the Southern African region. The anticipated harvest and significant carryover stock from the previous season, according to Wandile Sihlobo, the chief economist of the Agricultural Business Chamber of South Africa, have given South Africa confidence in its maize supplies. Sihlobo said in the week of September 27, South Africa exported 38 000 tonnes of maize. Zimbabwe received 54% of this volume, Botswana received…

10 Oct

The digital landscape is ever evolving

ObserverObserver MoneyE-commerce

EMILIA EINO Namibia is experiencing is the rise of E-commerce. Over the past few years, E-commerce has become an integral part of our lives, providing us with a plethora of benefits. This article explores the largely unexplored general benefits of E-commerce in Namibia, which are set to redefine our nation's economic and consumer experiences and future expectations. One of the most significant advantages of E-commerce in Namibia is the accessibility it is likely to offers to citizens accessibility. Whether you reside in the busy city of Windhoek, the peaceful landscapes of the Kunene Region, or the charming towns of the…

10 Oct

Diamond prices decline in September

ObserverObserver MoneyJewellery & Gem World show, RapNet Diamond Index

CHAMWE KAIRA Diamond prices fell in September as the market continued to suffer from an oversupply, Rapaport Group said this week. Indian manufacturers reduced rough-buying and polished production to rebalance supply and demand. Polished inventories began to decline, but it will take a few weeks for them to fall to healthy levels. Shortages of in-demand items are likely. The RapNet Diamond Index dropped 4% for 0.30-carat stones, 4.2% for 0.50 carats, and 2.5% for 3 carats. Lower-quality stones saw a gentler decline, with prices of round, 1-carat, D to H, SI diamonds slipping 3.5% in September. Prices of fancy shapes…

10 Oct

Petrol prices to help ease inflation

ObserverObserver Money

Looking ahead, Namibia's inflation is expected to continue easing, supported primarily by the Ministry of Mines and Energy’s recent decision to reduce fuel prices for October 2024. Petrol prices have been cut by N$1 per litre, bringing the price down to N$20.25 per litre, while diesel 50ppm and diesel 10ppm now cost N$19.72 and N$19.82 per litre, respectively. This reduction should alleviate inflationary pressures, especially in the transport sector, which has been a key driver of inflation over the past few months. The annual inflation rate for September stood at 3.4%, marking the lowest level since August 2021. This represents…

10 Oct

Stand-alone off-grid solar solutions needed

ObserverEnergy, Observer Money

Off-grid solar energy is emerging as a game-changer for Southern Africa's power challenges. Patrick Tonui, Head of Policy and Regional Strategy at GOGLA, is at the forefront of this revolution. In a conversation with Observer Money, he discussed how off-grid solar is helping to close energy gaps in Namibia and South Africa, providing affordable and sustainable options for millions of people. Observer Money (OM): How will off-grid solar help with the power deficit in Southern Africa, including Namibia? Patrick Tonui (PT): Off-grid solar solutions can play a key role not just as the quickest, most efficient way to provide first-time…

10 Oct

Livestock industry battles drought, market challenges & rising theft

ObserverObserver MoneyJako van Wyk, Livestock Producers Organisation (LPO)

CHAMWE KAIRA Livestock Producers Organisation (LPO) chairman Jako van Wyk has said the past year was marked by challenges, including the current drought. The drought led to President Nangolo Mbumba declaring a state of emergency. According to Van Wyk, the drought was particularly severe because producers had not yet fully rebuilt their herds or recovered economically from the 2019 drought, and large parts of the country's pastures were already under stress. “The presidential declaration was met with gratitude by producers, as it initiated the necessary protocols to address the drought across all regions, unlocking the budgeted N$825 million for relief…

10 Oct

Basic commodity prices remain high in Khomas

ObserverObserver MoneyNamibia Statistics Agency

CHAMWE KAIRA The year-on-year inflation rate stood at 2.8% in Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) during September, compared to 6.1% registered during September 2023. The Namibia Statistics Agency said the slowdown in the annual inflation rate emanated mainly from the slow increases observed in the price levels of ‘alcoholic beverages’ (from 10.9% to 4.6%); ‘food and nonalcoholic beverages’ (from 9.6% to 4.5%); and ‘education’ (from 4.5% to 0.6%). On a monthly basis, the inflation rate declined by 0.2% compared to a 0.3% increase recorded during the preceding month. In Zone 2…

10 Oct

Government debt reaches N$123 billion

ObserverObserver MoneyFixed-rate bonds, Simonis Storm, Treasury Bill

CHAMWE KAIRA Namibia’s total domestic government debt reached N$123.51 billion by the end of September, reflecting an increase of N$2.04 billion. Fixed-rate bonds (GCs) contributed significantly to this growth, accounting for 63% of the increase through the issuance of N$1.27 billion in GCs. In contrast, inflation-linked bonds contributed a modest 4%, totaling N$80 million. The Namibian government bond yields have experienced significant compressions, particularly within the 10 to 20-year tenors since the start of this year, according to a report by Simonis Storm research and wealth management company. The yield on the GC40 decreased by 139 basis points, while the…

08 Oct

Livestock board to award quota share to export beef to Norway

ObserverObserver MoneyLivestock and Livestock Products Board of Namibia (LLPBN), Norway Quota Allocation

Martin Endjala The Livestock and Livestock Products Board of Namibia (LLPBN) has announced it will allocate a portion of the Norwegian beef production and export quota to local abattoirs. According to an invitation notice seen by the Windhoek Observer, the quota will be awarded to eligible organisations approved for beef production and export to Norway. The quota is valid for 12 months, from 1 January 2025 to 31 December 2025. “The sharing and allocation of the 1,600 tons of beef quota will be done in accordance with the principles outlined in the Government Approved Norway Quota Allocation Model of 14…

08 Oct

Financial system stable amid moderate domestic economic conditions

ObserverObserver MoneyBank of Namibia, Financial System Stability Committee, Gross Domestic Product (GDP), Johannes !Gawaxab

Matin Endjala Namibia’s financial system remains stable and resilient despite slowing economic growth and global challenges, according to the Financial System Stability Committee (FSSC) report released on Tuesday. According to the report, factors like drought, low diamond prices, and weak global demand will cause Namibia's Gross Domestic Product (GDP) growth to slow to 3.1% in 2024. Global factors continue to primarily influence risks to the domestic economy. The FSSC, which includes the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority, met on 3 October to assess the financial system’s resilience. Bank of Namibia Governor Johannes !Gawaxab said: “The…