Observer Money – Page 67

08 Mar

Extra 110MW for power grid

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CHAMWE KAIRA Namibia’s electricity’s supply is expected to have an additional 110MW locally generated supply by 2025. “This will be supported by more than three renewable energy power project expected to come-on stream by the end of 2025 with a combined power supply of around 110MW,” budget documents showed. The water and electricity sector is set to grow in 2024 and 2025. There are some developments around the solar powered storage-battery system pilot project to cater for the intensity of the UV rays in Namibia, as the current battery systems are not suitable to the Namibian climate as well as…

08 Mar

Oryx’s asset base increases to N$3.78 billion

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Following the successful capital raise in July 2023 and the completion of the Dunes Mall acquisition, Oryx Properties’s total asset base has increased to N$3.78 billion. Despite the challenging micro- and macroeconomic conditions, Oryx Properties have maintained its optimism regarding Namibia’s future and are unwaveringly advancing toward fulfilling its strategy to expand the Oryx property portfolio. Ben Jooste, CEO of Oryx Properties Limited said that the group believes that the strategy and expansion of the Oryx portfolio will lead to increased shareholder value and distributions over the medium to long term. Profit for the period ending 31 December 2023 increased…

08 Mar

Fingerings tallying 1,2 million distributed

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CHAMWE KAIRA The aquaculture sector produced about 1,253,807 in 2023 as compared to 1,355,000 target and distributed about 779,359 compared to 931,000 target of fingerlings of both distribution catfish and tilapia fish species at five aquaculture centres, according to the 24/25 – 2026/27 fiscal strategy for the medium term expenditure framework. The number of fish farmers and students supported was 257 fish farmers compared to the target of 100 target through training, advisory and extension services, provision of fish feed and fingerlings distribution. In terms of fingerling production and distribution, the programme met 94%, and 84% of the planned targets…

07 Mar

Revised resettlement policy aimed at improved agricultural productivity

info_e12wt4csObserver MoneyRevised resettlement policy aimed at improved agricultural productivity

Niël Terblanché In a significant stride towards rectifying past injustices and fostering equitable land distribution, the Minister of Agriculture, Water and Land Reform, Calle Schlettwein, presented the revised national resettlement policy to Parliament on Tuesday. Set to come into effect in April 2024, the new policy will span the next decade and aims to ensure that land acquired by the government is allocated equitably and utilized sustainably to enhance livelihoods across Namibia. Schlettwein articulated that the policy specifically targets Namibians devoid of agricultural land, including those historically disadvantaged by discriminatory laws and practices. The revised policy categorizes potential beneficiaries into…

07 Mar

Namfisa’s reform strategy will spearhead financial sector evolution

info_e12wt4csObserver MoneyNamfisa’s reform strategy will spearhead financial sector evolution

Niël Terblanché The Namibia Financial Institutions Supervisory Authority (Namfisa) will undergo a critical transformation aimed at revamping its regulatory and supervisory framework to foster innovation, enhance service delivery, and ensure a robust financial sector. Namfisa’s Chief Executive Officer Kenneth Matomola, Namfisa’s stated that the reform strategy is multifaceted, focusing on institutional, legislative, and supervisory changes. Namfisa, tasked with overseeing non-banking financial institutions, has identified outdated laws as significant impediments to innovation and efficient implementation. The existing regulatory framework, based on a compliance-driven approach, contrasts sharply with the global shift towards risk-based supervision. To address these challenges, according to Matomola, Namfisa…

01 Mar

Govt to settle UNAM’s N$605m debt

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CHAMWE KAIRA The government has announced plans to settle the legacy debts of state-owned companies, including Air Namibia, the National Fishing Corporation of Namibia (FishCor), the Namibia Broadcasting Corporation (NBC), New Era, Roads Contractors Company (RCC), TransNamib, and the University of Namibia (UNAM), as disclosed by the Ministry of Finance and Public Enterprises this week. The total outstanding amounts owed by these entities are as follows: N$858 million for PAYE, N$140 million for income tax, N$338 million for VAT, and N$19 million for import VAT, with the total debts amounting to N$1.35 billion. Air Namibia’s debts total N$49 million, FishCor,…

01 Mar

Brazilian firm to provide Continental Shelf exercise

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CHAMWE KAIRA The government has announced that the Directorate of Agriculture and Land Reform is gearing up for the project involving the extension of Namibia’s Continental Shelf margin beyond 200 nautical miles. In preparation for this endeavor, which includes readiness to defend Namibia's claim before the United Nations Commission on the Limits of the Continental Shelf (CLCS), a contract worth N$16 million has been secured with a Brazilian firm. Among the objectives of this agreement is the training of the Namibian team and the revision of Namibia’s claim of subsea territory, spanning approximately 1,062,935.85 square kilometers. The continental shelf refers…

01 Mar

Govt to transmit N$5.5 billion into sinking fund

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CHAMWE KAIRA Over the next three years, a significant portion of the government debt portfolio is due for repayment. The largest among these maturities is the US$750 million (N$14.3 billion) Eurobond due on 29 October 2025. The Ministry of Finance and Public Enterprises has said this is the largest single day debt maturity in the history of the country. In this regard, the government plans to redirect part of the increase in revenues towards the sinking fund to manage the rollover risk and contain increases in future debt service obligations. Accordingly, the government will transmit at least N$3.5 billion during…

01 Mar

Slow start to building activities

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The building activity observed in Windhoek and Swakopmund for January indicate a concerning start to the year, Simonis Storm Securities has said. Windhoek experienced a decrease in both approved building plans and completed projects compared to the previous month and year. Swakopmund also saw a decrease in approved building plans and a significant decline in completed projects, indicating a slowdown in construction activity. The firm said these trends suggest a concerning outlook for the construction sector, influenced by economic uncertainty where cyclical sectors like construction and materials typically face reduced demand. Additionally, the current high-interest rate environment further dampens activity.…

01 Mar

Govt revenue reach N$72 billion

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CHAMWE KAIRA At the end of January 2024, total revenue collections stood at N$72 billion, translating into a collection rate of 90.6% over the first 10 months of the financial year, budget documents released showed this week. This is significantly higher than the corresponding historical averages. As a result, total revenue and grants for the 2023/24 financial has been revised upward by 3.2% from N$78.6 billion to N$81.1 billion. “When compared to the previous year, total revenues increased by 26%. The increase reflects strong economic growth prospects and improved revenue administration. As a result, Corporate Income Tax and VAT have…