Observer Money – Page 28

04 Nov

Revolutionary Union secures wage deal with B&E International Namibia

info_e12wt4csObserver Money

Allexer Namundjembo The Revolutionary Union has signed a two-year substantive wage agreement with B&E International Namibia Pty Ltd. In a statement, Julius Natangwe, the proletariat central secretary of RU, said that the agreement would benefit all B&E employees included in the exclusive bargaining unit. “The agreement, effective from 1 September, encompasses a favourable wage increase to ensure employees sustain and enhance their standard of living in Namibia,” said Natangwe. He added that the agreement included a salary increase along with an evaluation and adjustment of various existing employee allowances, such as the production bonus scheme. “As part of the safety…

04 Nov

NaCC reached only 56% of its annual target

info_e12wt4csObserver Money

Martin Endjala The Office of the Auditor-General has found the Namibia Competition Commission (NaCC) to have fallen behind in implementing its annual plan fully. According to the auditor general, Junias Kandjeke his office noted that the commission only implemented 56% of the key performance targets (34 out of 61) for the 2023/24 strategic review period. “It is recommended that the commission ensure that all performance targets are achieved at year-end,” he recommended. The NaCC financial year ended on 31 March. Despite the findings, Kandjeke said that the financial statements accurately depict the financial position, financial performance, and cash flows of…

03 Nov

Windhoek-Okahandja dual carriageway promises economic growth

info_e12wt4csObserver Money

Niël Terblancé With improved infrastructure, Namibia is better positioned to grow its economy, enhance trade opportunities, and offer its citizens and visitors a safer and more efficient transportation network. President Nangolo Mbumba inaugurated the new Windhoek-Okahandja dual carriageway A1 freeway on Friday, reclassifying it from B1 to A1 in accordance with road classification standards. “The opening of this dual carriageway demonstrates our government’s dedication to creating robust infrastructure that supports economic activities, trade, and connectivity,” he said. The project, built at a cost of N$2.8 billion, is a major upgrade of the 71 km stretch between Windhoek and Okahandja and…

03 Nov

NIDA’s road to recovery

info_e12wt4csObserver MoneyNational Council members

Martin Endjala The Namibia Industrial Development Agency (Nida) is finalising its 2023/24 fiscal year report and addressing criticism over poor infrastructure, performance, and transparency. In August, National Council members suggested dismantling Nida due to its shortcomings, including a N$100 million abandoned crocodile farm in Kongola, Zambezi region. Acting CEO Richwell Lukonga assured that financial reports would be public by year-end and outlined the agency's strategic plan for 2024-2028. “These reports, which cover the financial performance of the agency, are expected to be made public towards the end of the year,” he confirmed. Nida is also focusing on sustainable livestock management…

03 Nov

Fuel prices remain steady amid global uncertainty

info_e12wt4csObserver Money

Niël Terblanché In a bid to offer some relief to Namibian consumers, the Ministry of Mines and Energy announced that fuel prices will remain unchanged for November 2024, despite rising international oil prices. The price of petrol will stay at N$20.25 per litre, while diesel 50ppm and 10ppm will remain at N$19.72 and N$19.82 per litre, respectively, in Walvis Bay. In a statement released on Friday, the ministry attributes the global uptick in oil prices to ongoing geopolitical tensions in the Middle East and the Organisation of the Petroleum Exporting Countries (OPEC) decision to extend production cuts by 2.2 million…

03 Nov

Namibia’s import bill stands at N$14.8 billion

info_e12wt4csObserver MoneyNamibia Statistics Agency (NSA)

Martin Endjala The country’s import bill reached N$14.8 billion in January 2024, marking a 20.5% increase from N$12.3 billion in August, according to the Namibia Statistics Agency (NSA). In September, export earnings rose slightly to N$9 billion from N$8.7 billion in August, resulting in a trade deficit of N$5.8 billion, up from N$3.6 billion the previous month. This translates to a trade deficit of N$5.8 billion during September when compared to the N$3.6 billion recorded in August. “Exports were revised upwards, increasing by N$12 million, while imports were revised downwards, with variations amounting to N$1 million,” read the report. In…

31 Oct

Plans to draw water from Okavango intensify

info_e12wt4csObserver Money

The Kavango Link project, approved by Cabinet in early 2024, has reached an advanced planning stage, with engineering design work underway and environmental assessments soon to begin. The initiative aims to secure a steady water supply for central Namibia by channeling water from the Okavango River to Windhoek and other high-demand areas. NamWater anticipates that, barring setbacks, water could flow to the Central Area of Namibia by 2027. NamWater spokesperson Lot Ndamanomhata, outlined progress on the ambitious N$7 billion Kavango Link Project Observer Money (OM): What is the current status of the proposed Okavango Link to supply the Central Area…

31 Oct

Railway projects funding on ice

info_e12wt4csObserver Money

CHAMWE KAIRA The government has reallocated money for railway projects in the 2024 budget to other projects, the Mid-Year Budget Review. Minister of Finance and Public Enterprises said considering the low execution rates on capital projects, a total of N$2.1 billion has been identified for reallocation. Shiimi said the projects affected by budget reallocations are primarily in the railway sector. Nevertheless, the minister said given the importance of the rail sector to unlock economic activities, the government will ensure that sufficient funding is availed to the upgrading and development of the railway network, going forward. Furthermore, Shiimi said the finance…

31 Oct

Internet prices expected to drop 9%

info_e12wt4csObserver Money

CHAMWE KAIRA Africa Finance Corporation (AFC) has said in its, ‘State of Africa’s Infrastructure 2024’ that subsea cables have a direct impact on connectivity, enable faster internet speeds, and reduce internet prices. The report said Equinao, the latest cable that landed in Africa in 2023 is expected to increase internet speeds five-fold in Nigeria by 2025 and three-fold in South Africa and Namibia. By the same year, internet prices should drop in each country between 16 and 21%, resulting in an increase of internet penetration by 7% in Nigeria and South Africa and by 9% in Namibia. The report said…

31 Oct

Namibia faces job creation pressures

info_e12wt4csObserver 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…