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Posts by Edgar Brandt:
B2Gold Namibia yesterday confirmed the labour dispute at the country’s largest gold mine, the Otjikoto mine, has ended with approximately 160 suspended employees returning for duty with a warning. The largest grain processor in the country, Namib Mills, this week denied mismanaging its workers’ pension fund. Sperrgebiet Diamond Mining (Pty) (SDM) this week confirmed a majority equity investment by Global Emerging Markets Group (GEM). The new shareholders, the company’s board and management stated they eagerly look forward to operations at SDM to restart and for the company to become a sustainable development partner to the local community, the Lüderitz economy and Namibia at large. While lending agencies, such as the International Monetary Fund, advised Namibia to continue with its fiscal consolidation strategy to preserve its fragile debt sustainability, local economic analysts are concerned about the finance minister’s fiscal space, which is facing escalating pressure from rising inflation and interest rates. As expected, the Bank of Namibia’s (BoN’s) Monetary Policy Committee (MPC) yesterday increased the repo rate by 75 basis points to 6.25%. Namibians reacted furiously at yet another increase in the price of diesel. Namibia still imports some 60% of its electricity needs from neighbouring countries. Despite this heavy reliance on external sources for its electricity needs, the energy ministry has set a target to reduce the import gap from the current 60% to only 20% by 2028. NamPower is a state-owned national utility responsible for electricity generation, transmission and distribution to residual areas and cross-border electricity trading. The core mandate of the Electricity Control Board (ECB) is to exercise control over the electricity supply industry with the main responsibility of regulating electricity generation, transmission, distribution, supply, import and export in Namibia through setting tariffs and issuance of licenses. The main driver of clean energy investment is energy security rather than climate change. This is according to investment specialists, who have reported major increases in clean energy investment around the world. The National Petroleum Corporation of Namibia (Namcor) confirmed it has entered into a non-binding agreement with a Nigerian financial institution, Moneda Invest Africa. A host of socio-economic factors still keep thousands of Namibians in shacks. There is no doubt that counterfeit goods are thriving in Africa as average incomes across the continent continue to increase, thereby attracting expansion prospects from global brands who aim to generate additional revenue streams by increasing their market shares in this historically neglected geographical area. The absence of adequate Intellectual Property (IP) legislation in many African countries often results in volatile market conditions that ultimately negatively impact investments. Mines and energy minister Tom Alweendo yesterday confirmed the appointment of Robert Kahimise as the new CEO of the Electricity Control Board. Without divulging the details of the appointment, Alweendo simply replied: “I can confirm”, when asked about the new appointment. The Roads Authority this week unveiled 26 rebranded vehicles with the aim to enhance the Transport Inspectorate’s identity and visibility. It is that time of the year when many Namibians decide to travel the world for their annual holidays – and as a result, many have to pass through the busiest airport on the continent, OR Tambo International Airport in Johannesburg. Namibia believes and anticipates significant opportunities will emanate from the implementation of the African Continental Free Trade Area (AfCFTA), which in turn will lead to the positive transformation of many economies on the continent. Green Enterprise Solutions (Pty) Ltd was founded in 2010 as a wholly-owned Namibian company, providing information and communication technology (ICT) services to corporate Namibia. Operational Guidelines for Code of Conduct for the informal sector were introduced this week after being drafted by the Namibia Informal Sector Organisation (NISO).