Observer Money

Martin Endjala The Development Bank of Namibia (DBN) yesterday announced the appointment of Nicky Katapa Mutenda as its new Chief Financial Officer (CFO). Mutenda will assume his role on December 18, 2023, and is expected to serve for five years. John Steytler, DBN's Chief Executive Officer, said that Mutenda's appointment followed a thorough selection process conducted by a panel consisting of six distinguished individuals from the DBN Board and external experts. Steytler expressed firm confidence in Mutenda, recognizing him as a capable candidate who would contribute to the bank's success and growth. Mutenda brings more than 11 years of experience…

Martin Endjala Minister of Agriculture Water Land, and Reform Calle Schlettwein believes that self-sufficiency is durable if the right practices and modern agricultural practices are done right. The Minister said this during his recent visit to the B2Gold Mine’s Agricultural farm in the Otjozondjupa region. The farm is currently harvesting wheat on three centre pivots of 15 hectares, it is further projected that the farm harvest will yield 12 tons of wheat per hectare. The Minister highlighted that with yields between 10-12 tons, the goal of becoming self-sufficient is much closer. “We have green schemes with a total surface area…

The Master of the High Court is currently calling on trusts to provide beneficial ownership information in order to ensure compliance with Section 22 of the Trust Administration Act 11 of 2023. The Trust Administration Act 11 of 2023 regulates the administration of trust moneys in Namibia and came into operation on 3 August 2023. This Act replaced the Trust Monies Protection Act 34 of 1934. A trust is a structure to which property is transferred by the founder or third party to beneficiaries nominated in a trust deed. The trust property is administered by trustees appointed in the trust…

Chamwe Kaira The freight industry in Namibia, South Africa and Botswana must move with the times and introduce smart corridors and the use of smart containers embedded with sensors and tracking technology such as GPS and Radio Frequency Identification (RFID) chips, allowing manufacturers, carriers, and shippers to monitor their cargo more accurately. Leslie Mlungisi Mpofu, the Executive Director of the Trans Kalahari Corridor believes that a number of benefits may be realised by adopting new generation technologies and these include enabling various information systems to work together in the most effective way possible, promoting safe and secure borders, offering authorised…

Chamwe Kaira Namibia does not owe money to airlines that operate in the country, records released by the International Air Transport Association (IATA) showed this week. Kamil Alawadhi, Regional Vice-President Africa and Middle East of IATA disclosed that since 2018, a significant amount of blocked funds have been repatriated from Angola, Ethiopia, Ghana, Nigeria, and Zimbabwe through working with the respective governments. Currently US$1.68 billion in airline funds remain blocked across the continent. IATA records showed that Namibia is not among countries blocking money owed to airlines. Alawadhi, said achieving reasonable levels of taxes and charges by focusing governments on…

Chamwe Kaira Ministry of Finance and Public Enterprises and Ministry of Fisheries and Marine Resources plans to auction 5000 metric ton (MT) of Hake. The move is part of the government objective of selling fishing quotas to the highest bidder. Bids must be in multiples of 100 metric ton with a minimum price of N$9000 per MT of Freezer fish and N$7000 per MT of wet fish. Bids must be submitted by 8 December and full auction results will be announced by mid- January 2024. The government has continued to generate revenue through fish auctions with figures showing that more…

Synthetics diamonds prices are trading as low as 98 percent below the Rapaport Price List for natural diamonds. Rapaport said Walmart sells a 3 ct., Round, F-G, VS1-VS2, synthetic diamond solitaire ring for US$2,975, while Signet’s Blue Nile sells a similar 3.00 ct., Round, G, VS1 synthetic diamond solitaire ring for US$8,190. That’s a 275 percent difference for the same ring, it said. De Beers said in September that it had decided to call time on offering lab-grown diamonds for engagement rings even as the man-made alternatives continue to cannibalise demand in one of the company’s most important markets. Mines…

Chamwe Kaira World Intellectual Property Organization (WIPO), Director General Daren Tang has pledged the Organization’s continued support for the strengthening of Namibia’s innovation ecosystem. Tang who visited Namibia this week disclosed that Namibian officials expressed their commitment to strengthening the innovation ecosystem with intellectual property (IP) as a core part of policies to promote growth and development. Tang underlined WIPO’s vision of intellectual property as a powerful catalyst for jobs, investments, business growth and economic and social development in all parts of the world. He said WIPO is building a more inclusive IP ecosystem, focusing on startups and small and…

The majority of guests at hospitality establishments nationwide predominantly hail from Europe, with Germany, Switzerland, and Austria collectively constituting the largest share of international tourist arrivals at 42.3 percent, according to October tourism numbers. France follows closely behind, accounting for 7.4 percent of the total international tourist arrivals. At a regional level, South Africa is noteworthy, representing 4.4 percent of the aggregate guest composition in hospitality establishments throughout Namibia. Namibia's hospitality sector exhibited resilience in October, with national occupancy rates holding steady at 65.5 percent, consistent with the figures reported in September. This marked an improvement from the 54.6 percent…