Search in the website:
Finance
Oil and Gas Projects to Create over 12,000 Job Over 30 Years
By: Dolly Menas Namibia’s oil and gas industry is expected to significantly transform the country’s economy by creating over 12,000 jobs over the next 30 years. The lifecycle of oil and gas projects is projected to span more than three decades, with key phases including construction and production. The construction phase alone is […]
Second Lowest Pork Imports Recorded in October
By: Nghiinomenwa-vali Eratus Namibia recorded its second-lowest pork imports of the year in October 2024, with only 35,734 kilograms of pork products brought into the country. This significant reduction has been attributed to an increase in local pork production and shifts in consumption patterns, according to the Livestock and Livestock Products Board of […]
N$58.4 Million License Fees Drive MTC’s Earnings Down
By: Justicia Shipena The Mobile Telecommunications Company (MTC) has reported a decrease in its annual earnings for the current financial year, largely attributed to “extraordinary regulatory costs”, including the settlement of annual license fees totalling N$58.4 million. This was revealed by MTC’s Chief Executive Officer Licky Erastus during the company’s annual financial performance […]
NQA to Charge Graduates for Foreign Qualification Evaluation
By: Dolly Menas The Namibia Qualifications Authority (NQA) has announced that it will begin charging fees for the evaluation of foreign qualifications starting January 2, 2025. This new fee structure, according to the NQA, is aimed at streamlining the evaluation process and supporting the digitisation of its services. NQA’s Marketing and Corporate Communications […]
Khomas Residents Top the List of Loan Defaulters
By: Nghiinomenwa-vali Erastus As of September 2024, 42.9% of non-performing loans (loans unpaid for over three months) in Namibia were held by individuals, according to data from the Bank of Namibia. Non-performing loans (NPLs) currently stand at 5.9%, just below the 6.0% trigger ratio, a threshold validated through reverse stress testing across the […]
Repo Rate Cut to Spur Economic Growth
By: Justicia Shipena & Loise Shiimi The decision by the Bank of Namibia (BoN) to lower the repo rate by 25 basis points to 7.00%, signals its commitment to support for the domestic economy amid a favourable inflation outlook. The decision aligns with global monetary policy trends, where central banks like the US […]
Namibia’s Exports Decline While Imports Surge
By: Kavee Vezemburuka Namibia’s export revenue for October 2024 declined by 3.8%, falling to N$8.7 billion from the N$9.0 billion recorded in September, as detailed in the Namibia Statistics Agency’s latest Merchandise Trade Statistics Bulletin. On the other hand, the country’s import bill increased by 11.5% to reach N$16.5 billion, up from N$14.8 […]
Trump Threatens BRICS With Tariffs Over De-Dollarisation
By: Dolly Menas US President-elect Donald Trump has threatened to impose 100% tariffs to BRICS countries as well as bar them from selling into the US economy should they move ahead with plans to establish a BRICS currency. “The idea that the BRICS countries are trying to move away from the dollar while […]
Banking Sector Liquidity Rises to N$6.7 Billion
By: Staff writer The overall liquidity level for the banking sector in Namibia grew by N$800 million in two months after averaging N$6.7 billion in October 2024 from the N$5.9 billion recorded in September 2024. The Bank of Namibia attributed the rise in market cash balances primarily to cash inflows from coupon […]
Choppies Fined N$2,2 Million for Backdoor Acquisition of Supermarket
By: Nghiinomewa-vali Erastus The Namibia Competition Commission has fined Choppies Retailer N$2.2 million for acquiring Grootfontein Supermarket and Grootfontein Bottle Store without notifying the regulator. Choppies was fined after the Commission’s investigation found that they contravened Section 44 read with Sections 51 and 53 of the Competition Act. According to NaCC, Choppies and […]