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Posts by Maihapa Ndjavera:
The Bank of Namibia (BoN) continues to ban dubious financial schemes operating in the country which, more often than not, prey on vulnerable Namibians during these tough economic times. Mobile Telecommunications Company (MTC) has rubbished allegations by a Keetmanshoop resident who accused the company of stealing and implementing his idea of simultaneously using more than one Aweh product. The Orano Mining Namibia last week donated food parcels at Spitzkoppe and Naman Pos to the value of N$110 000. The insurance industry in Namibia has recorded N$12 billion in free assets to date. Lack of constituency development funds has been identified as a barrier to development. According to the International Monetary Fund (IMF), public infrastructure investment will play a key role in the ability for countries to recover from the pandemic. Namib Desert Diamonds (Namdia) was not spared from the general downturn of economic activity, particularly pertaining to luxury goods, brought about by the global pandemic. Taxi drivers in Windhoek are concerned that their daily income dropped by as much as 60% during the past months due to the Covid-19 pandemic. The ministry of finance yesterday announced that about 96% of applicants benefited from the emergency income grant (EIG) that government initiated in April to assist the less privileged and vulnerable members of society from the devastating economic impact of Covid-19. In July 2020, Namibia recorded a trade deficit of N$3.5 billion, after the country’s exports stood at N$5.9 billion and imports at N$9.4 billion. The Office of the Prime Minister (OPM) last week announced that it received N$50.3 million in donations to fight Covid-19 in the country. The monthly inflation rate for August 2020 stood at 0.4%, which is an increase of 0.2 percentage points when compared to 0.2% recorded during July 2020. The outbreak of the Covid-19 pandemic has shattered global demand for luxury goods, including Namibian diamonds. Kennedy Hamutenya, CEO of Namibia Dessert Diamonds (NAMDIA) said in the last quarter of the financial year, in mid-January, the diamond industry was severely impacted by the outbreak of the pandemic. The Namibian Stock Exchange (NSX) overall share price index fell to 900.32 by the end of the first quarter of 2020 and closed at 1306.36 points at the end of 2019, when compared with 1307.76 points at the end of 2018. President of the National Unity Democratic Organisation (Nudo), Utjiua Muinjangue, recently commented that a good road network is essential for every country and that road infrastructure is one of the most important public assets of any country. More than 97% of applications for credit relief, amounting to capital relief of about N$1.4 billion, received by Standard Bank of Namibia Holdings Limited (SBN) were approved for those clients impacted by Covid-19. Heineken South Africa (SA) experienced severe trade restrictions in South Africa, contributing to the Namibia Breweries Limited (NBL) to experience a significant downturn in business and a subsequent share of associate loss of N$76.7 million. Prime Minister Saara Kuugongelwa-Amadhila said the outbreak of Covid-19 has come as an opportunity for businesses in the country to come up with new ideas. Namibian born Joshua Nghaamwa has created a device that many people believe is as an information communication technology (ICT) solution for the African continent at large. The total number of new loans issued in the country as of 31 December 2019 contracted by 11% compared to the previous reporting year.