Business

The Black Business Leadership Network of Namibia (BBLNN) has reiterated its call for banks to roll out reasonable debt forgiveness to individuals and businesses.

Sectors dependent on travel and government spending are expected to remain below their pre-Covid-19 levels for much longer than expected. The affected sectors include hotels and restaurants, transport, construction, public administration, defence and education.

Over-indebtedness is defined as “the persistent difficulty, or impossibility, of a household to pay its bills or debts”. In a country with one of the highest youth unemployment rates in the world, it would be irresponsible not to mention the desperate state of affairs that sees people turning to loan and credit facilities to provide for the bare necessities. 

Prospects have started to improve for the logistics sector in Namibia, as the rest of the world gradually recovers from the Covid-19 pandemic. This sector is important for the growth of the Namibian economy, as Namibia is well placed to be a logistics hub for its landlocked neighbours.

The Government Institutions Pension Fund (GIPF) said it has come to learn of people impersonating GIPF staff members. In this illegal disguise, the scammers request to be provided with members’ personal financial information with the aim to access their money. The GIPF has warned all its members of this scam.

Namibia remains one of the most unequal countries in the world, with a Gini score reported at 59.1 in 2015. The Gini Coefficient is also known as the Gini index, which is the statistical measure used for the distribution of income among the population of a country.

The Development Bank of Namibia last week inaugurated its expanded office in Walvis Bay to serve towns in the Erongo region as well as some entrepreneurs and enterprises in the Kunene region.

Director for research and financial sector development at the Bank of Namibia, Emma Haiyambo, said the bank estimates a positive growth from 2021. This is after the domestic economy performed very poorly in 2020, registering a negative growth of 8.5%. 

In the wake of emerging calls for write-offs on loan repayments for small and medium enterprises issued with the purpose of enhancing Namibia’s development, economic activity and prosperity, DBN Executive for Marketing and Corporate Communication Jerome Mutumba, has amplified important aspects of mutual responsibility for lending and borrowing, which he stated must be factored into the concept of

Black Business Leadership Network of Namibia (BBLNN) president Irene Simeon-Kurtz last Friday affirmed the decision to challenge the repossession of properties by commercial banks. She believes commercial banks are on an onslaught against the plight of black businesses in the country.