Observer Money – Page 44

07 Nov

Paratus completes East-West Africa fibre route

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Paratus Group has completed its East-West Africa fibre route, offering a fast and resilient link to anywhere in the world from anywhere in the southern African region. The Paratus East-West route, the first coast to coast terrestrial route using Paratus built fibre infrastructure, offers an alternative terrestrial route, the current demand for which has been precipitated and expedited by the recent and frequent network outages. As Paratus Group CEO, Schalk Erasmus says: “This sea-change in imperatives has arisen due to breakages in certain subsea cable systems. Operators need a more reliable route and, with our new East-West route, by connecting…

04 Nov

Africa Oil moves with Venus development

info_e12wt4csEnergy, Observer MoneyFarm Down, Roger Tucker, TotalEnergies EP Namibia project

Ester Mbathera Africa Oil Corp. announced the completion of a strategic farmdown by its investee company, Impact Oil & Gas, in Blocks 2912 and 2913B, known as the Farm Down to TotalEnergies EP Namibia project. The company announced last week that Impact received approximately USD 99 million and retains a 9.5% interest, benefiting from a carry loan to cover remaining costs until the first oil production. Africa Oil president and chief executive, Roger Tucker, said the Farm Down allows the company to retain a funded interest in the Venus development project that is expected to add significant reserves and production…

04 Nov

Revolutionary Union secures wage deal with B&E International Namibia

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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

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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

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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

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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

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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

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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…