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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 […]
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 […]
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. […]
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 […]
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 […]
By: Staff writer Namcor says it has spent N$550 million to settle some of its N$1,1 billion debt to international oil seller Gunvor. This comes after the company received a N$1.2 billion lifeline from state coffers. Namcor said the bailout helped it restore its financial credibility and strengthen relationships with trading partners. In […]
By: Nghiinomenwa-vali Erastus Registered microlending entities in Namibia issued a total of 665,290 new loans with a combined value of N$3.6 billion in 2023. This represents a slight increase of 0.8% compared to the previous year, according to the Namibia Financial Institutions Supervisory Authority (Namfisa) 2023 annual report, released last week. There are […]
By: Nghiinomenwa-vali Erastus Investors in the GC25 Bond, maturing in October 2025, have moved N$944.9 million of their investment into other long-term government debt instruments. This shift means some investors have chosen to extend their lending to the government, opting to receive interest payments twice a year on new bonds. The transfer follows […]
By: Justicia Shipena The government is set to reduce its outstanding bonds by 2025, with N$6.77 billion currently owed on GC24, GC25, and GI25 bonds, according to a report from Simonis Storm Securities. This figure is expected to shrink further as upcoming GC25 switch auctions are held. In their report on fixed income […]
By: Justicia Shipena Global food prices saw a slight decrease in August, driven by significant drops in sugar, meat, and cereal costs, according to a recent report from the United Nations Food and Agriculture Organisation (FAO). The FAO Food Price Index, which monitors the monthly price changes of globally traded food commodities, averaged […]