Observer Money – Page 59

19 Jan

Economy projected to reach 7.7% in 2025

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Chamwe Kaira The Namibian economy is projected to grow to 6.6% in 2023, 7.1% in 2024 and 7.7% in 2025, the United Nations said in a World Economic Situation and Prospects 2024 report. The report said economic growth in Africa is projected to remain modest, edging up from an estimated 3.3% in 2023 to 3.5% in 2024 as the region is buffeted by the global economic slowdown and tighter monetary and fiscal conditions. The UN said debt sustainability risks will continue to undermine growth prospects. The impacts of the climate crisis are a growing challenge for key sectors such as…

19 Jan

November sea exports worth N$4.9 billion

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Chamwe Kaira The Namibia Statistics Agency said this week in trade statistics that during November 2023, goods worth a total of N$4.9 billion, representing a 41.7 percent of total exports left the country by sea, translating into an increase of 66.4 percent when compared to October 2023. The basket of exports via sea comprised mainly of uranium, copper and articles of copper and fish. Goods exported via air accounted for 34.8% of total exports, of which its export basket was mainly made up of precious stones diamonds and non-monetary gold. Road transportation accounted for 23.5% with petroleum oils, fruit and…

19 Jan

Namibian grapes hit European shelves

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Chamwe Kaira Grapes from Aussenkehr in Namibia are on the shelves of all the major supermarkets in the United Kingdom including M&S, Waitrose, Sainsbury, Tesco and Morrisons, this is according to Gary Vaughan-Smith, Chief Investment Officer at SilverStreet Capital LLP, which produces table grapes in southern Namibia. “Grapes from Aussenkehr in Namibia are on the shelves of all the major supermarkets in the UK including M&S, Waitrose, Sainsbury, Tesco and Morrisons,” said Vaughan-Smith. Earlier, Vaughan-Smith had announced that the firm had completed the table grape harvest on its Namibian farms. The harvesting team of 900 people packed 2.4 million cartons…

19 Jan

Stock brands, ear tags fees go up

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The Livestock and Livestock Products Board (LLPB) previously known as the Meat Board of Namibia has announced an increase in stock brand and ear tag fees. This announcement was made in the government gazette No 573. The new fees will see the registration of a brand increase from N$152 to N$163, transfer of brand has increased from N$55 to N$59. On the other hand, the duplicate certificate of brand will increase from N$96 to N$103. The communique said the stock brand fees increased as from 1 January as per government regulations. The LLPB said as the mandated administrator of the…

19 Jan

Scottish delegation coming for energy mission

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The Scottish Africa Business Association has announced that a Scottish trade mission will visit Namibia later this month. “Delighted to announce a partnership between SABA and Scottish Government for an energy focussed trade mission to Namibia in February,” the Association said. It said Namibia is aiming to become a green hydrogen superpower in the coming decade by positioning itself as a key international exporter of the commodity. “Investment is already secured for some major projects and key regional collaborations are planned to maximise the opportunity for Southern Africa. Alongside this, the country is pushing ahead with plans to become a…

19 Jan

Namibia listed as top investment destination

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On the back of growing global demand and with a largely untapped resource portfolio, Africa is on the cusp of transforming its energy sector. Foreign investors are eager to capitalise on diversified supply chains while efforts by African governments to bolster industrialisation and economic growth are unlocking a fresh slate of opportunities for financiers and project developers alike. In 2024, several markets stand out as promising investment destinations. According to the International Monetary Fund, Senegal is projected to experience a remarkable 10.6% economic growth in 2024, fueled by the commencement of new oil and gas projects like the Greater Tortue…

19 Jan

US sanctions may harm jewelry companies

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Chairman of the Rapaport Group, Martin Rapaport has deep concerned for the future of the US diamond trade and has proposed a Rapaport US Diamond Protocol that will enable the US government to implement Russian diamond sanctions without hurting the diamond trade. Rapaport said the US government is now urgently formulating regulations to control the import of diamonds into the US. If we do not act, new US sanction regulations may severely harm small to medium sized US diamond and jewelry companies. The US government has agreed with the G7 group of countries that “As of 1 March 2024, a…

19 Jan

Half of Africa to use AfCFTA rules

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More than half of African nations will use the rules of a continental free-trade pact this year as the region moves closer to fully integrating into a single market. Of the 47 countries that have ratified the African Continental Free Trade Area, 31 will join the so-called guided trade initiative, up from seven in 2023, AfCFTA Secretary-General Wamkele Mene said at a World Economic Forum panel in Davos this week. Last year’s trial included processed agricultural products, manufactured goods and services, he said. Uganda, for example, exported some of its excess 2 billion liters of milk to Algeria, while a…

19 Jan

Airlink to re-start Durban, Bloemfontein flights

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Airlink, Southern Africa’s premier airline, will reinstate direct flights between Durban and Bloemforntein from 26 February this year. The service is part of Airlink’s strategy to expand its network of flights from Durban as a third hub with Bloemfontein joining Johannesburg, Gqeberha, Mbombela (Nelspruit) and Harare as directly-served destinations. Airlink’s morning flights on the route will operate Monday to Friday and its late afternoon flights every day except Saturdays. Tickets for flights on the route are available already. “Airlink’s direct service between the two cities is in response to increased calls for convenient and efficient connections that boost productivity for…

19 Jan

The AI era is upon us

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Kristalina Georgieva We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality. The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm, and raising important questions about its potential impact on the global economy. The net effect is difficult to foresee, as AI will ripple through economies in complex ways. What we can say with some confidence is that we will need to come up with a set of policies to safely leverage the…