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Namibians have no choice but to keep on tightening their belts and reduce spending even more after the Bank of Namibia yesterday increased the repo rate again, this time with 25 basis points, from 7% to 7.25%. This brings the prime lending rate to 11%.
Local entrepreneur Samuel Chikambi has advised Namibian youth to do what they love and not wait for a job or connections.
Attracting investments remains at the top of Namibia’s economic agenda.
The Agricultural Bank of Namibia has bemoaned the current high interest rate environment, stating that it is becoming increasingly difficult to source affordable capital to pass on to the agriculture sector at affordable rates.
Namibians will soon find out if they are going to have to fork out more of their hard-earned dollars, just to keep the lights on. This is after Namibia Power Corporation requested a 16.87% increase in electricity tariffs for the 2023/24 year.
Hollard Namibia and Gondwana Collection yesterday announced a settlement regarding Gondwana’s Covid-19 business interruption claim, with each reinforcing their commitment to supporting the Namibian economy in the financial services and tourism sectors.
Engagement on relevant investment laws and regulations is part of the Namibia Investment Promotion and Development Board (NIPDB) mandate, considering the impact of the policy environment on investment and the need to provide policy certainty to current and potential investors.
Namibia has secured about N$161 billion worth of investment opportunities as at March 2023 with the potential to create more jobs.
Global food prices are set to provide relief to consumers for the year 2023, and Namibians will also benefit from the phenomenon.
Recognised for its highly stable political and economic environment, Namibia is one of Africa’s gems. Considered among the safest democratic nations in Africa, the country offers impressive infrastructure and excellent quality of life.