Observer Money – Page 7

25 Feb

Pick ‘n Pay the most affordable shop in February

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Ester Mbathera Pick 'n Pay was the most affordable supermarket in Namibia for February. A monthly research report on the prices of products showed that the price wars between the supermarkets normalised in the second month of 2025. The report was compiled by the administrator of the Namibian Investor Group on Facebook, Robin Tyson and researcher Jeraldo Amporo. “This was due to their reasonable prices across the board, with rice (N$52) and toilet paper (N$77) as stand out offers. The total basket was N$436,” the report said. The most expensive supermarket was Checkers with a total basket of N$458. “[This…

25 Feb

NamRA engages clearing agents on Customs Act compliance

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The Namibia Revenue Agency (NamRA) on Tuesday hosted a virtual Awareness Session on the enforcement of Sections 110 and 124 of the Customs and Excise Act, 1998 (Act No. 20 of 1998). The session, attended by more than 130 clearing agents and traders, addressed revenue leakages, looking at ways to ensure that all duties owed to the State are duly paid. Section 124 of the Act stipulates that any customs duty payable, interest, fines, penalties or forfeitures incurred constitute a debt to the State. It further provides that any goods imported, exported or in a customs and excise warehouse belonging…

25 Feb

Trigon agrees to compensate miners

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Allexer Namundjembo The Mine Workers Union (MUN) has reached an agreement with the majority shareholders of the Kombat Mine, Trigon Metals concerning the retrenchment of 533 employees. The general secretary of the MUN, George Ampweya, confirmed that the matter that has been brewing since last year has been resolved. “The agreement outlines key terms, with an emphasis on supporting employees through equitable compensation. Every retrenched employee will receive one month of notice pay, along with severance pay equivalent to one week's salary for each year of service. Employees will further be paid for any confirmed accrued leave days up to…

25 Feb

More oil discovered in Namibia’s Orange Basin

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Niël Terblanché Custos Energy (Pty) Ltd. has reported a successful second exploration and appraisal campaign in the Orange Basin, specifically in blocks 2813A and 2814B on Tuesday These blocks, governed by Petroleum Exploration License 83 (PEL 83), are operated by a subsidiary of Galp Energia, SGPS, S.A., with Custos and the National Petroleum Corporation of Namibia (NAMCOR) each holding a 10% working interest. The chief executive officer of Custos Energy, Knowledge Katti, announced that the PEL 83 Joint Venture partners have successfully drilled, cored, and logged the Mopane-3X well, which commenced on 2 January 2025. Located 18 kilometers from the…

25 Feb

GIPF issues warning against doing business with Myrtle Growth Capital

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Niël Terblanché The Government Institutions Pension Fund (GIPF) has issued an urgent public cautionary notice regarding an ongoing legal battle against Myrtle Growth Capital (Pty) Ltd. The GIPF, warning that the company has no authority to sell or dispose of shares held on behalf of the Namibia Mid Cap Fund (NMCF). According to GIPF’s marketing and stakeholders engagement general manager, Edwin Tjiramba, the litigation currently before the High Court of Namibia seeks to prevent Myrtle Growth Capital from unlawfully handling shares in various unlisted investments. “Myrtle Growth Capital is the former fund manager of the NMCF, but was deregistered as…

25 Feb

BoN explores digital currencies for financial inclusion and payments

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Allexer Namundjembo The Bank of Namibia (BoN) is exploring the potential of central bank digital currencies (CBDCs) to improve financial inclusion and streamline cross-border payments. Kazembire Zemburuka, director of strategic communications and international relations, said the central bank is in the ‘preparation phase’ of evaluating a domestic CBDC. According to him, the BoN is examining the desirability of CBDCs for the retail and wholesale sectors, as well as their potential for cross-border payments. “The bank’s exploration is guided by the IMF's 5P Methodology and involves extensive research and staff training,” Zemburuka said. He added that a recent feasibility study, conducted…

23 Feb

No progress for small agro-processors despite trade deals

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Hertta-Maria Amutenja Despite preferential trade agreements, Namibian micro, small, and medium enterprises (MSMEs) in agro-processing continue to struggle with barriers that limit their market access and growth. The Namibia Investment Promotion and Development Board (NIPDB) has found that small businesses can't fully benefit from these trade agreements because of problems with infrastructure, strict rules for following them, and a lack of money. Titus Shivute, marketing and corporate communication manager of the NIPDB highlighted the opportunities available under agreements such as the Southern African Development Community (SADC) Protocol on Trade, the Economic Partnership Agreement (EPA) with the European Union, and the…

20 Feb

Russia eyes Namibia’s nuclear potential

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CHAMWE KAIRA The Russian Ambassador to Namibia, Dmitry Lobach, said there are talks to build a 100 MW modular nuclear power station in Namibia and to apply Russian nuclear technology in medicine and agriculture. The Russian diplomat said Russian investors have been working in Namibia and cited the geological surveying for uranium in the Omaheke Region. “This venture by Rosatom, the world-leading Russian State Atomic Corporation, is to establish cutting-edge technology with a cost of US$500 million,” he said. Rosatom has already invested US$50 million in the Omaheke Region. “It is going to extract 3000 tonnes of uranium per year…

20 Feb

De Beers’ carrying value reduced by US$2,9 billion

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CHAMWE KAIRA It is looking likely that joint diamond ventures, including Debmarine Namibia, Namdeb land operations, and the Namibia Diamond Trading Company, all 50/50 joint ventures with the De Beers Group, will have a new partner in the near future. Anglo American, which owns De Beers, has continued its quest to sell the diamond giant. “The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realisation. Given prevailing diamond market conditions, we have reduced our carrying value of De Beers…

20 Feb

Positive outlook for car industry

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CHAMWE KAIRA The Bank of Namibia’s decision to lower the repo rate from 7% to 6.75% in February will have a notable impact on credit conditions, vehicle financing, and overall car sales in the coming months. While lower borrowing costs typically encourage spending, broader economic pressures could temper the full effect of this rate cut, a report has noted. Simonis Storm noted that with interest rates easing, borrowing costs will fall, making credit more accessible to both businesses and households. However, the impact will vary across different sectors, it noted. The analysis noted that businesses may take advantage of cheaper…