Observer Money

Alpha Namibia Industries Renewable Power Limited (ANIREP) this week announced the results of the rights offer as approved by shareholders on 3 November and closed on 4 December 2023. ANIREP disclosed that a total of N$557,138,096.30 has been received, which is equivalent to a total of 70,523,809 rights offer shares being subscribed for out of the total 71,403,185 rights offer shares on offer. This translates to a subscription rate of 98.77 percent. Managing Director, Iyaloo Nangolo talked to Observer Money about the money that was raised through the offer and the company’s plans going forward. Observer Money (OM): Alpha Namibia…

Chamwe Kaira Namibia exported goods worth N$52.6 million to Lesotho during the period 2015 to 2022, while on the demand side, goods amounting to N$50.3 million were sourced from Lesotho. In October, Namibia sourced goods worth N$916 8111 from Lesotho. The export basket to Lesotho comprised solely of ‘Lime, cement, and fabricated construction materials’ whereas the import basket primarily comprised of clothing articles. During October, Namibia exported goods worth N$3.6 billion to African markets, whereas, on the demand side, the country sourced goods from Africa. In October, Namibia’s total exports stood at N$6.8 billion and imports at N$11.3 billion, resulting…

FNB Namibia recently announced a one-year partnership agreement with the Harambe Entrepreneur Alliance, an alliance of African innovators known as Harambeans. This strategic partnership aims to unlock the entrepreneurial potential of Namibia and transform its entrepreneurial landscape. FNB’s SME clients will gain access to the Harambeans Lab, a comprehensive online learning platform that provides insights from Africa’s leading innovators on starting and scaling high-growth ventures across the continent. Observer Money asked Tomas Iindji, FNB Namibia Head of Business banking: SME and Mid touch about the progress made on the programme. (Observer Money (OM): Has FNB identified Namibian Entrepreneurs entrepreneurs for…

Chamwe Kaira The ribbon cutting ceremony on one of the biggest construction projects in Windhoek, the new US Embassy will take place this week. The project pumped millions into the Namibian economy. The US Embassy said the project cost US$300 million will have local features like plants, solar, and recycled water. The new embassy compound features solar array that will power 50 percent of the chancery’s needs. Approximately 5000 native and drought-tolerant plants, and trees were replanted on the compound, reducing site irrigation needs. The US mission said the completion of the project has impacted the lives of 2000 Namibians.…

Chamwe Kaira Analysis of the average retail prices of selected products for November by the Namibia Statistics Agency revealed that consumers in Zone 3 ((//Kharas, Erongo, Hardap, Omaheke regions) paid the highest price for beef stew per kg at N$93.03 followed by Zone 2 at N$88.39 while consumers in Zone 1 paid the least price of N$87.49. Consumers in Zone 2 paid the highest price of N$14.77 for a loaf of white bread followed by Zone 3 at N$14.07, while Zone 1 paid the least price of N$13.87. At the zonal level for the month of November Zone 1 (Kavango…

Chamwe Kaira The Chamber of Mines of Namibia believes that the new licencing procedure for mineral rights and petroleum upstream licences is a positive development that will assist in addressing the backlog of applications. It’s a positive development. We are ok with it if it will assist in addressing the backlog of applications,” said Chamber of Mines of Namibia CEO, Veston Malango. The Ministry of Mines and Energy is introducing a new approach to the application process for the different licenses within its mandate in pursuit of a more efficient and effective service delivery to the public. The Ministry throughout…

The Bank of Namibia’s stock of international reserves declined in October. The stock of international reserves declined by 4.4 percent month-month to N$51.4 billion at the end of October, relative to N$53.8 billion in September. “The decline is attributable to higher commercial bank outflows as a result of higher import bills. The foreign reserves translated into 5.3 months of import cover, continuing to remain above the international benchmark of three months and adequate to support the Namibia Dollar and the South African Rand currency peg,” the central bank said. Growth in private sector credit extension (PSCE) rose moderately at the…

For the third quarter of this year, the Producer Price Index for Mining and Quarrying slightly rose by 0.5 basis points to 131.0 basis points, up from 130.5 basis points recorded in the corresponding quarter of 2022, translating into an annual inflation rate of 0.4 percent compared to 27.9 percent recorded in the same quarter of 2022, the Namibia Statistics Agency said. Mining and quarrying section covers indices of uranium, non-ferrous metals (copper, gold, lead and zinc) and other mining and quarrying (diamonds). The index for mining of uranium and thorium ores (ISIC 0721) increased to 107.4 basis points in…

Martin Endjala Based on its recent report analysis of current monetary policy trends, Simonis Storm Securities has projected that Namibia will likely implement its initial repo rate reduction in the latter half of 2024. “We foresee this adjustment to be a modest decrease of 25 basis points, which is indicative of a shifting monetary landscape towards a more accommodative stance. This move corresponds with our forecasts of a gradually stabilising economic environment, as reflected in various key economic indicators,” read the report. The report comes after the Monetary Policy Committee of the Bank of Namibia after its final meeting of…