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Posts by Maihapa Ndjavera:
Namibia has secured about N$94 billion worth of investment opportunities with the potential to create 122 000 jobs, CEO of the Namibia Investment Promotion and Development Board Nangula Uaandja said yesterday. Finance minister Iipumbu Shiimi this week stated government is currently interrogating the state-owned-enterprise ownership policy at Cabinet level. President Hage Geingob has charged all ministers to ensure they implement to the letter projects under their portfolios, including those contained in the fifth National Development Plan and the Harambee Prosperity Plan II without delay. Popular Democratic Movement (PDM) president McHenry Venaani has described Namibia housing situation as distressing, specifically informal settlements that he said is “shocking”. For the month of January 2022, Namibia’s export earnings stood at N$7.6 billion, representing a decrease of 24% monthly, while the imports bill amounted to N$11.7 billion, down by 6% on a monthly basis. Consumers in the Khomas region are expected to tighten their belts even further as inflation in the region is on an upward trajectory. The zonal inflation rates for the month of February 2022 revealed that Khomas region recorded the highest annual inflation rate of 5.3%. The Namibian Competition Commission has initiated two investigations into the banking sector on account of discriminatory practices. Recently, a joint venture consisting of Shell announced the discovery of oil offshore. Soon after that, another joint venture consisting of TotalEnergies made a similar announcement, with Qatar Energy and the National Petroleum Corporation of Namibia (Namcor) partners in both discoveries. Founder of Ombu Capital Vetumbuavi Mungunda yesterday said the lack of rural economic activities would lead to even more urban migration that will bring about more challenges in urban areas. Local food production is finally taking off because of policy initiatives over the years. However, Namibia is still importing most of its fruits and vegetables. The outbreak of the Covid-19 pandemic has taught local administrators numerous lessons insofar as public procurement is concerned. This is particularly relevant with respect to the procurement of Covid-19 vaccines. Namibia’s total debt stock currently stands at N$125 824 705 809. Of that amount, 26% is foreign debt while 74% is domestic debt. The Targeted Intervention Programme for Employment and Economic Growth (TIPEEG) came under criticism in the National Assembly last week. Agriculture minister Calle Schlettwein has promoted the Neckartal dam as a real investment opportunity. The Namibia Revenue Agency (NamRA) has uncovered a scam involving the payment of refunds worth N$15.2 million that the agency attributes to a criminal syndicate. Vice chairperson of Namibia Petroleum Operators Association (NAMPOA) Bridget Venner last week stated that over N$30 billion has been spent in the country by foreign investors since independence. Standard Bank Namibia (SBN) has not shaken off the adverse impact of Covid-19 in its full-year results after the bank recorded a decline in profit after tax of 11.9% for 2021, from N$421 million of 2020 to 371 million in 2021. Namibia is scheduled to pay domestic and international creditors some N$9.2 billion in interest, not including the value of the bonds due for redemption. Since last year, the International Finance Corporation (IFC) has partnered with Pan-African finance organisation Letshego Bank Namibia (LBN) to increase access to affordable housing finance for thousands of individuals in Namibia. Although the Electricity Control Board (ECB)’s financial position remains relatively sound, the institution’s levy income continues to decrease due to a significant slowdown in economic activities. This deterioration of economic activities remains a concern for ECB revenue in the future.