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Posts by Maihapa Ndjavera:
Industrialisation and trade minister Lucia Iipumbu said the successful development of a viable backward linkage between Namibia’s coffin manufacturers and timber harvesters would ensure the development of a key value addition outlet of local timber. A local economist believes Namibia’s mineral exports, which currently dominates the country’s export figures, is of little socioeconomic value when it comes to real productive diversification and value addition that ultimately creates much-needed jobs. Popular Democratic Movement (PDM) parliamentarian Nico Smit last week tabled a motion to establish a committee to investigate if the Bank of Namibia (BoN) is able to relax capital requirements for local financial institutions. In the same motion, Smit suggested the committee must investigate bridging finance for financial institution clients already in distress. Namibia recorded a decrease in electricity generation of about 69.2% from 2020 to 2021 in total; this was mainly due to the reduced generation from the Ruacana Power Station that went down by 85.7% in July 2021. The plan by the national rail service operator, TransNamib, to retrench 340 employees in the coming weeks, does not require government approval, as this decision lies entirely in the hands of the authority’s board. In addressing the impact of Covid-19, which had a severe negative impact on local economic activity and employment, in addition to general adverse impacts on the domestic economy, the Development Bank of Namibia (DBN), through loans to small to medium-sized enterprise (SMEs) created 2 620 jobs in total. Deputy finance minister Maureen Mbuende warned that for Namibia to allow Bitcoin, trading requires numerous engagements because cryptocurrency trading is a high-risk area requiring legal consideration from government. The Namibia Investment Promotion and Development Board’s (NIPDB’s) executive for strategy and branding Margareth Gustavo assured the nation that the delegation heading to the much-hyped Dubai Expo 2020 is positive they will attract investors to the Land of the Brave. Employees of the national rail service operator TransNamib last week embarked on a peaceful nationwide demonstration to show their frustration with contentious labour matters. Tertiary industries, also known as the services sector, pulled the domestic economy out of the doldrums after suffering through four successive quarters of negative growth. Decreased power generation from the Ruacana power station is linked to low water flow in the Kunene River from Angola due to a dry rainy season in that country. Trade minister Lucia Iipumbu yesterday said the main goal of the Buy Namibia campaign is to create a thriving local economy by maximising the potential of local businesses and increasing their market share.