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Finance / Page 6
Namibia to Vote on Ending Cuban Sanctions
By: Justicia Shipena Namibia, along with other United Nations member states, is set to vote today on a General Assembly resolution calling for the removal of U.S. sanctions on Cuba. The resolution, 78/7, urges an end to the economic, commercial, and financial blockade imposed by the United States. This will be the 32nd […]
Elundu Police Post Constructed for N$7.7 Million
By: Fransina Nghidengwa The newly inaugurated Elundu Police Post in the Omundaungilo Constituency, Ohangwena region, was constructed at a cost of N$7.7 million. The facility was officially opened on Thursday by the Minister of Home Affairs, Immigration, Safety, and Security, Albert Kawana. According to Kawana, the police post features prefabricated structures, including two […]
NAB Aims to Commercialise Mahangu
By: Nghiinomenwa-vali Erastus The Namibia Agronomic Board (NAB) is pushing to commercialise mahangu, a staple crop widely grown for household consumption in Namibia, yet often imported during times of drought. In its latest newsletter, Gilbert Mulonda, NAB’s General Manager of Agronomy and Horticulture, stressed that boosting mahangu productivity is key to its commercial […]
Repo Rate Cuts Could Revive Construction Sector
By: Dolly Menas The recent 25-basis point repo rate cut by the Bank of Namibia (BoN) could bring much-needed relief to the property sector, especially in residential property financing. The BoN’s Monetary Policy Committee (MPC) unanimously decided last week to reduce the repo rate to 7.25%, following a similar cut in August. Simonis […]
TransNamib and Partners to Return N$152 Million Grant Funding to Donors
By: Justicia Shipena The HyRail Project may soon return €7.6 million (approximately N$152 million) from a €30 million grant provided by the German Federal Ministry of Education and Research (BMBF). Spearheaded by TransNamib in collaboration with Hyphen Technical, Belgium’s CMB.TECH, the University of Namibia (Unam), and Traxtion, the HyRail project aimed to introduce […]
NamRA Generates N$4.3 Billion Through Tax Amnesty
By: Dolly Menas and Kavee Vezemburuka The Namibia Revenue Agency (NamRA) has so far collected N$4.3 billion through its tax amnesty programme, which began on 1 April 2023. The initiative was designed to provide relief to taxpayers struggling with outstanding tax liabilities, offering a 100% waiver on interest and penalties. To qualify, taxpayers […]
N$18 Minimum Wage Per Hour for Namibian Workers
By: Ludorf Iyambo Starting 1 January 2025, the minimum wage for all Namibian workers, excluding domestic and agricultural workers, will be set at N$18.00 per hour. This was announced by the Minister of Labour, Industrial Relations and Employment Creation, Utoni Nujoma, on Thursday, following Cabinet’s endorsement of his submission in June. Workers currently […]
Namcor Was on the Verge of Liquidation Before N$1.2 Billion Lifeline
By: Erikka Koukulunhu The National Petroleum Corporation of Namibia (Namcor) Acting Managing Director Ebson Uanguta revealed that the petroleum corporation was on the brink of liquidation before the government stepped in with a N$1.2 billion lifeline from state funds. A significant portion of this was a N$1,1 billion debt to international oil seller Gunvor. […]
Government Debt Reaches N$123 Billion
By: Staff Writer Namibia’s government debt rose to N$123.51 billion by the end of September, an increase of N$2.04 billion by October. Analysts at Simonis Storm Securities (SSS) attributed most of the growth to fixed-rate bonds (GCs), which accounted for 63% of the rise, with N$1.27 billion issued in GCs. Inflation-linked bonds contributed […]
Fraud Across Payment Systems Decreases
By: Dolly Menas The Bank of Namibia’s Financial System Stability Committee (FSSC) has reported a decline in fraud across payment systems in the country. The committee emphasised that Namibia’s payment systems and infrastructure remain secure, playing a crucial role in ensuring reliable transactions and contributing to the overall stability of the financial system. This […]