Observer Money

Observer Money (OM): Describe the year 2023 in terms of the business environment? Gys Joubert, Managing Director Gondwana Collection (GJ): I would describe it as better. We are getting closer to pre Covid-19 conditions. We are grateful for 2023, which turned out to be a record year for us. We continued to innovate and evolve in this fast-changing environment. OM: What was the biggest challenge that Gondwana faced in 2023? GJ: High interest rates and continued seasonality in tourism were challenging. Also increased regulation and compliance in the business environment is concerning. OM: What is the company looking to achieve…

The market capitalisation of the 30 companies listed on the Namibia Stoke Exchange (NSX) increased year-on-year while it slowed quarter-on-quarter at the end of September this year. The overall market capitalisation stood at N$2.12 trillion at the end of September, three percent higher than the N$2.06 trillion a year earlier, driven by higher share prices, Bank of Namibia statistics revealed. Nevertheless, quarter-on-quarter growth decreased by a mere 0.28 percent. The share price indices for most industries in the overall index increased during the quarter under review. The indices for consumer staples, consumer discretionary, financials, telecommunications and real estate increased, to close…

The Bank of Namibia said in the December Quarterly Bulletin that the current account deficit published in the September Quarterly Bulletin for the second quarter of 2023 was revised upwards by 53.6 percent from a deficit of N$2.5 billion to N$3.8 billion. The central bank said the major revisions originated from exports which was revised upward from N$19.5 billion to N$20.6 billion as well as services (net) that was revised from an outflow of N$16 million to an outflow of N$3.4 billion. “The changes are in line with routine revisions made to monthly trade statistics obtained from the customs trade…

CHAMWE KAIRA Namibia, Botswana and Zambia will start working on funding plans of the proposed extension of the country’s railway line from Grootfontein to Katima Mulilo once the project’s implementation is agreed by all the countries. “With regards to the meeting of Finance Ministers, the idea is to start working on the funding plan once implementation is agreed by all countries,” Minister of Finance, Iipumbu Shiimi told Observer Money. The proposed extension of the railway line has been deemed visible by the final feasibility study report, which was recently approved by Cabinet. According to the report prepared by MR Technofin…

CHAMWE KAIRA Bannerman Energy Limited, that has just been granted a mining licence for its flagship, Etango uranium project in the Erongo Region, has said to achieve the range of outcomes indicated in the Definitive Feasibility Study, pre-production funding in excess of US$320 million will likely be required. “There is no certainty that Bannerman will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Bannerman’s shares. It is also possible that Bannerman could pursue other…

Martin Endjala Mobile Telecommunications Company (MTC) has invested a total of N$504.1 million in its network and systems to enhance customer service and to enlarge its data-carrying capacity during the 2023 financial year. The company further invested N$1.7 million in the High-Tech Transfer Plaza (HTTP) centre to stimulate innovation and build a national innovation hub. This was revealed by MTC Managing Director and Chief Executive Officer Licky Erastus, during the company's recent financial performance announcement. According to Erastus, these activities include the MTC Tech Innovation Bazaar, Namibia National Cyber Security Competition and Namibia National High School Programming Competition amongst others.…

Niël Terblanché Namibia Breweries Limited (NBL) has reiterated its commitment to road safety by pledging N$200,000 to support various initiatives aimed at promoting safe driving practices throughout the country. This generous contribution includes N$90,000 allocated for refreshments for members of the Namibian Police stationed at roadblocks, as well as contributions to the Motor Vehicle Accident Fund's (MVA) road safety awareness campaigns. NBL is not only dedicated to producing quality beer but also advocates for responsible drinking behaviour. Surihe Gaomas-Guchu, NBL's Corporate Affairs Manager, emphasized the importance of consuming alcohol responsibly and avoiding drunk driving during the holiday season when many…

Hertta-Maria Amutenja The Executive Director of the Ministry of Agriculture, Water, and Land Reform, Ndiyakupi Nghituwamata, has implored 152 Farm Machinery Operator Graduates trainees to uphold the high standards set by the Namibia Agricultural Mechanisation and Seed Improvement Project (NAMSIP) initiative. Nghituwamata delivered this message during the official certificate handover ceremony held at the Mashare Agricultural Development Institute last week. She stressed the importance of adhering to the project's principles and maintaining the trust of both the ministry and the farmers they will serve. "No malpractices, and don't disappoint the ministry and our farmers you will be serving," Nghituwamata said.…

Erasmus Shalihaxwe Dundee Precious Metals (DPM) is planning to invest between N$6 to N$7 billion after acquiring 100 percent shares in Osino Resources Corp. Osino Resources Corp owns the Twin Hills Gold Development project, a Mining site in the area of Karibib in the Erongo Region. DPM announced yesterday that the planned investment includes construction of the project, infrastructure and employment. With activities planned to take place between 2024 and 2026. The company is also estimated to pay N$700 million per year to the Namibia government for 13 years. While 75 percent of goods and services that will be sourced…