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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 […]
946 GIPF Beneficiaries Owing NamRA Excluded from Refunds
By: Justicia Shipena The Government Institutions Pension Fund (GIPF) says approximately 946 beneficiaries with outstanding tax obligations to the Namibia Revenue Agency (NamRA) will not receive refunds unless the revenue agency provides updated tax directives. This follows an announcement that GIPF will disburse over N$118 million in tax refunds to 24,173 qualifying beneficiaries […]
BoN Enhances Tools to Monitor Non-Performing Loans
By: Staff Writer The Bank of Namibia (BoN) has introduced advanced supervisory measures to strengthen the stability and resilience of the banking sector. Guided by the Basel Core Principles, the updated Early Warning System (EWS) and Prompt Corrective Action (PCA) frameworks are designed to proactively identify and address risks before they escalate. One key […]
Planned Byness Hydro Funds Yet to Be Secured
By: Nghiinomenwa-vali Erastus Namibia and Angola are yet to secure funding for the Baynes Binational Hydropower Project with less than three years remaining before the project construction begins in 2027. Mines and Energy Minister Tom Alweendo there is still time to source funds and he projected that funding could be secured by the […]
N$26 Million of Bank Windhoek Sustainability Bond Allocated to Agriculture
By: Nghiinomenwa-vali Erastus During its fifth Agriculture Series, Bank Windhoek reaffirmed its commitment to supporting Namibia’s agriculture sector by allocating a portion of its first Sustainability Bond to the industry. The Villager Business Desk has confirmed that of the N$407 million disbursed through the Sustainability Bond, N$25 million was directed toward agriculture, with […]
Green Hydrogen Sector Holds Potential to Unlock New Industries – NGH2P
By: Dolly Menas Namibia’s decision to develop its green hydrogen sector could unlock various industries to advance the country’s industrialisation goals and potentially reduce unemployment as well as contribute to economic growth. This is according to Joseph Mukendwa, the Head of Policy, Planning and Strategy at the Namibia Green Hydrogen Project (NGH2P). Mukendwa […]
Africa Advised to Ditch US Dollar to Reduce Cross-Border Trade Costs
By: Nghiinomenwa-vali Erastus In a recent interview with Bloomberg Africa, a Standard Bank Group analyst highlighted that intra-African trade could see significant improvements if African nations eliminate the US dollar from their cross-border transactions. Tunde Macaulay, head of business and commercial banking for Africa and offshore regions at Africa’s largest bank, suggested that […]
Namibia’s Export Earnings Rise by 2.9% in September 2024
By: Hertha Ekandjo Namibia’s export earnings increased by 2.9% in September 2024, reaching N$9.0 billion, up from N$8.7 billion in August. This was revealed in the latest Namibia International Merchandise Trade Statistics Bulletin released by the Namibia Statistics Agency (NSA). However, imports surged by 20.5% in September, totaling N$14.8 billion compared to N$12.3 […]
Govt Lowers Expected Diamond Sector Revenue by N$2.3 Billion
By: Hertha Ekandjo The government has reduced its projected revenue from the diamond sector for the 2024/2025 fiscal year by more than N$2.3 billion, citing lower global diamond prices and weakened demand. Minister of Finance and Public Enterprises Iipumbu Shiimi revealed the revised revenue forecast on Wednesday during the mid-year budget review for […]
Langer Heinrich Local Spending Exceeds N$1.15 Billion
By: Justicia Shipena The Langer Heinrich Mine (LHM), has spent just over N$1,15 billion (US$61 million) over the past financial year, through the acquisition of local various products and services to strengthen its operations. This investment follows the successful restart of LHM, establishing it as a cornerstone in Paladin’s ambition to become a […]