Observer Money – Page 62

22 Feb

Economists anticipate that education might dominate the national budget

info_e12wt4csObserver MoneyEconomists anticipate that education might dominate the national budget

Martin Endjala Economists are anticipating that education will dominate the national budget that is set to be tabled in the National Assembly next week Some of the economists during a pre-budget public discussion in Windhoek this week said they are, however, doubtful of the continuous budgetary allocation to education because of its lacklustre performance. The event was organised by Capricorn Group in collaboration with its partners Economic Association of Namibia, and High Economic Intelligence among others, under the theme the National Budget in an Election Year: Fiscal Expansion and Strategic Priorities. The discussion centred around the implications of the expected…

21 Feb

Meatco faces increased competition from private sector entrants

info_e12wt4csObserver MoneyMeatco faces increased competition from private sector entrants

Niël Terblanché The Meat Corporation of Namibia (Meatco) finds itself at a critical juncture, with its commercial dominance in the Namibian meat industry under siege from private sector entrants. The arrival of companies like Beefcor Namibia and Savanna Beef Namibia signals a significant shift in the market dynamics, potentially diluting Meatco's longstanding position amidst challenging conditions exacerbated by drought. In the Institute for Public Policy Research’s (IPPR) latest economic review for the fourth quarter of 2023, economist Robin Sherbourne voiced his concerns about the possible misallocation of funds. Sherbourne stressed the government's potential stance on Meatco's pivotal role in marketing…

20 Feb

BoN concludes first Monetary Policy Strategy session

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Martin Endjala The Bank of Namibia (BoN) has successfully concluded its Monetary Policy Strategy session, a landmark event aimed at fortifying the understanding and implementation of monetary policy within the country. The session, held on 15 February 2024, brought together key stakeholders including members of the Bank’s Monetary Policy Committee (MPC), Board members and essential staff members. The primary objective of the session was to educate and sensitise participants on the intricate process of formulating monetary policy at the Bank of Namibia. Drawing insights from its sister central banks such as the South African Reserve Bank and the Bank of…

20 Feb

Bank Windhoek appoints Candy Ngula as new Head of e-Money

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Niël Terblanché In a strategic move to bolster its digital finance offerings, Bank Windhoek has announced the appointment of Candy Ngula as the Head of Electronic Money (e-Money). The announcement, made by James Chapman, the Executive Officer of Retail Banking Services and Specialist Finance, marks a significant milestone in the bank's efforts to enhance and optimize its e-Money services across its retail banking sector. Ngula, whose appointment became effective on 1 February 2024, is a seasoned professional in the financial sector. She transitioned to Bank Windhoek from the Bank of Namibia (BoN), where she held the position of Deputy Director…

16 Feb

D-Day approaches for grey-listing verdict

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CHAMWE KAIRA Namibia awaits anxiously to learn its fate next week as the Financial Action Task Force (FATF) prepares to announce whether the country has successfully implemented sufficient reforms to avoid being grey-listed, Bryan Eiseb, director of the Financial Intelligence Centre (FIC), revealed to Observer Money. Eiseb noted that the country initially faced 72 issues identified for reform, which have now been narrowed down to just 13 remaining concerns. Since 2021, Namibia has been undergoing a mutual evaluation process under the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). “Namibia has made remarkable progress in addressing the issues outlined by…

16 Feb

Kimberley Process safeguards Namibian Diamonds

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CHAMWE KAIRA The Kimberley Process (KP) will remain as a safeguard for Namibia even as the diamond industry deals with unintended consequences from the second phase of a ban on Russian diamonds by the Group of Seven (G7). De Beers, the leading diamond company fear the second phase may disrupt prices for diamonds produced in Botswana, South Africa and Namibia. In December, G7 nations announced a direct ban on Russian diamonds starting in January followed by phased-in restrictions on indirect imports of Russian gems from March. The Kimberley Process (KP) is a commitment to remove conflict diamonds from the global…

16 Feb

Swakop’s 85 MW green hydrogen project cleared …. Project to include nuclear reaction, disposal of nuclear fuels, radioactive products

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CHAMWE KAIRA The 85 MW green hydrogen energy project by HDF Energy Namibia near Swakopmund has been given Environmental Clearance Certificate by the Ministry of Environment, Forestry and Tourism, the company announced this week. “Notice is hereby given that on 22 January 2024, the Ministry of Environment, Forestry and Tourism: Directorate of Environmental Affairs granted an Environmental Clearance Certificate for the project in terms of the Environmental Management Act (No. 7 of 2007) and the Environmental Impact Assessment Regulations 2012. This provides HDF Energy Namibia with authorisation to develop and operate the Renewstable Swakopmund Project, east of the town of…

16 Feb

Auction for 26,384 MT of horse mackerel

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The Ministry of Finance and Public Enterprises has announced plans to auction 26,384 metric tons (MT) of horse mackerel to the highest bidder, aiming to generate revenue for government expenditure. The bidding process will close on 1 March. The tender conditions stipulate that bids must be in multiples of 100 metric tons, with a minimum price of N$3,500 per MT for freezer fish and N$1,000 per MT for wet fish. Each bidder is required to provide a bid security deposit equal to the reserve price per MT multiplied by the volume of MT applied for. The ministry has outlined that…

16 Feb

Upgrade for Rundu purification plant

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CHAMWE KAIRA The Ministry of Environment, Forestry and Tourism has given Namwater an environmental clearance certificate to upgrade the Rundu Purification Plant, Namwater has announced. The project aims to upgrade the existing water supply schemes at Rundu and Nkarapamwe (inclusive of construction of a new water treatment plant at Rundu, upgrading of water supply abstraction, reservoirs and conveyance systems and the decommissioning of the old water treatment plant and associated redundant infrastructure at Rundu. Projects documents obtained by Observer Money showed that both NamWater schemes have difficulties in coping with the water demand at Rundu Town. The reservoirs’ levels are…

16 Feb

Diamond production hit by lower grades

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Namibia’s diamond production decreased by 4% to 600 000 carats in the fourth quarter of 2023, due to marginally lower grades at the land operations, the De Beers Group announced. Overall, De Beers rough diamond production decreased by 3% to 7.9 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations, partly offset by higher production from Botswana. In Botswana, production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance. In South Africa, production decreased by 54% to 0.4 million carats, due…