Observer Money

Niël Terblanché The Hosea Kutako International Airport in Windhoek welcomed a new direct air link to Munich when Discover Airlines launched its first scheduled flight between the two cities on Tuesday. Marco Goetz, Chief Commercial Officer of Discover Airlines, said in a statement on Wednesday that the new route offers Windhoek its only direct connection to Munich, operated three times a week throughout the year. He added that the first flight between the two cities, Flight 4Y142, departed Munich Airport on Tuesday night and touched down in Windhoek on Wednesday morning. “Flights will initially depart from Windhoek on Wednesdays, Fridays,…

Niël Terblanché The Government Institutions Pension Fund (GIPF) has reported robust growth for the 2023/24 financial year, with its asset value increasing to N$167 billion, up from N$151 billion the previous year. The figures were presented on Tuesday during the launch of the fund’s 2024 Integrated Annual Report (IAR) in Windhoek. The GIPF’s chief executive officer and principal officer, Martin Inkumbi, said the fund had successfully navigated uncertainties and continues to grow and meet its obligations whilst having consideration for the GIPF’s future performance and prospects. He added that the IAR reflects the fund’s financial and non-financial performance from 1…

Allexer Namundjembo The Bank of Namibia (BoN) embraced the collection of data, artificial intelligence, and machine learning to build forecasting models for predicting non-performing loans and improving board pack assessments. This was revealed by the central bank’s governor, Johannes !Gawaxab, during the launch of the 2022-2024 annual report on Monday. “In addition to the broader use of digital tools, local and foreign government payments were digitised, removing paper and enhancing the visibility of processing for government transactions,” said !Gawaxab. The report outlines key developments under the bank’s 2022-2024 strategy, including automation, digitalisation and strong financial performance. According to  !Gawaxab, the…

Niël Terblanché The Namibia Revenue Agency (NamRA) issued an urgent call for taxpayers to settle deferred import Value Added Tax (VAT) accounts, revealing that more than 5 000 entities owe the state more than N$1 billion. NamRa’s spokesperson, Yarukeekuro Ndorogaze, in the notice issued on Monday, said that the February 2025 review by NamRA found that 5 182 taxpayers had outstanding VAT on imports. Of these, 187 accounts with debt ranging between zero- and 90-days total N$30 million, while the remainder – involving 4 995 accounts – have been outstanding for more than 90 days. Ndorokaze cautioned that continued non-payment…

Niël Terblanché Motorists, along with consumers across the country, will breathe a little easier at the pumps in April following the government’s announcement of a reduction in fuel prices. Effective Wednesday, 2 April, the price of petrol will drop by 50 cents per litre, while both 50ppm diesel and 10ppm diesel will be reduced by 80 cents per litre. According to a statement issued by the Ministry of Mines and Energy, the lower prices are the result of over-recoveries recorded during March. “The fuel pricing model recorded over-recoveries of 58.77 cents per litre for petrol, 82.88 cents per litre for…

Niël Terblanché The National Petroleum Corporation of Namibia (NAMCOR) has appointed Victoria Sibeya as acting managing director, following the conclusion of Ebson Uanguta’s interim tenure. Uanguta, who served NAMCOR in an acting capacity for over a year, will return to his former position at the Bank of Namibia. In a statement on Friday, Florentia Amuenje, the chairperson of the NAMCOR board of directors acknowledged Uanguta’s contribution during what it described as a critical period for the organisation. “Mr Uanguta provided steadfast leadership, guiding the organisation through a critical phase and playing an instrumental role in steering NAMCOR towards the continued…

CHAMWE KAIRA  The country’s gross domestic product rose from N$155 billion to N$157.4 billion in 2024, marking a 3.7% year-on-year increase.  The result was slightly above Rand Merchant Bank’s (RMB) forecast of 3.5% for the fourth quarter. RMB, a division of FirstRand Bank Limited, said Namibia’s real GDP growth reached 3.7% by the end of 2024, higher than the 2.9% recorded in the third quarter.  The growth was driven by better performance in the secondary sector due to higher manufacturing output and stronger demand for storage. The country’s economy exceeded expectations in 2024, with the Namibia Statistics Agency’s (NSA) annual…

CHAMWE KAIRA  Paladin Energy expects production at its Langer Heinrich mine to improve in the second half of 2025 through blending ore from open-pit mines. However, floods in the Erongo Region have delayed the start of mining and damaged parts of the site. As a result, the company no longer expects to reach its target of six million pounds of uranium production by the end of 2025. “The acceleration of mining was a key initiative in offsetting the underperformance of stockpile ore and achieving nameplate production. The LHM team continues to drive operational improvements and progress in mining. Improved water…

CHAMWE KAIRA  The Trans-Kalahari Border Post between Namibia and Botswana must harmonise, standardise procedures, provide adequate and reliable information and come up with structural adjustments to adeduaretly cater for traffic. This is according to a recent study that was commissioned by the Namibia Revenue Agency and the Ministry of Industrialisation and Trade.  The study comes at a time when the two countries are planning to develop the Trans-Kalahari Railway project, a 1500-kilometre railway line aimed at linking Botswana’s mineral resources with Namibia’s Atlantic port at Walvis Bay.  The Namibian Ports Authority recently stated that the absence of rail connections to…

CHAMWE KAIRA  Pepkor has signed a transaction agreement with Retailability Proprietary Limited to acquire the Legit, Swagga, Style, and Boardmans businesses. These businesses will be added to Pepkor’s Speciality business unit, which already includes Tekkie Town, Shoe City, Dunns, Refinery, CODE, SPCC, and Ayana. Pepkor Speciality operates 941 stores across South Africa, Botswana, Lesotho, Namibia, and Eswatini. Retailability is a privately owned retail group offering affordable apparel and lifestyle products. The acquired brands operate 462 stores in the same five countries. The Edgars, Edgars Beauty, Red Square, Kelso, and Keedo brands are not part of the deal and will remain…