Observer Money

Simonis Storm anticipate that the trade deficit will continue to widen for the remainder of 2023. Mining and fishing are expected to play a vital role in boosting our export earnings, further driven by the depreciation of the rand, the firm has pointed out. Simonis said a concern however remains for the global demand of raw materials, especially given the resurfacing discussions of a possible economic recession. “On the flip side, our import costs are on the rise. The current weather conditions have shifted into an El Nino pattern, resulting in elevated temperatures and reduced rainfall, which poses a threat…

In its 30th year of existence, leading African upstream oil-and-gas event Africa Oil Week (AOW) has launched a bold new brand and mission, with a broader energy focus in line with the global energy transition and Africa’s evolving role. The event is evolving into a new platform, to be known as AOW: Investing in African Energy. It will provide a single, inclusive forum for investing in African energy, addressing the continent’s immediate energy needs, while driving dialogue to accelerate the clean-energy transition. “This is the perfect time to launch a bold new brand and mission,” says Yemi Ibidunni, Event Director…

Niël Terblanché President Hage Geingob, while on a proactive and forward-looking visit to the Erongo Region, gave a ringing endorsement of Namibia's commitment to the green industrial revolution. The President's tour on Wednesday encompassed various industrial facilities, offering a snapshot of the nation's rapid progression toward sustainable energy solutions. Expressing satisfaction with the nation's stride toward green industrialisation, President Geingob highlighted the cohesive approach by key stakeholders. Namibia's main ports, pivotal in advancing new green energy technologies, were particularly interesting to the President. "The newly discovered oil resources off our coast will be instrumental in our economic future. However, our…

The global recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine remains slow and uneven, the International Monetary Fund has said. Despite economic resilience earlier this year, with a reopening rebound and progress in reducing inflation from last year’s peaks, it is too soon to take comfort, the Fund said. Economic activity still falls short of its pre-pandemic path, especially in emerging market and developing economies, and there are widening divergences among regions. Several forces are holding back the recovery. Some reflect the long-term consequences of the pandemic, the war in Ukraine, and increasing geo-economic fragmentation. Others are more…

Martin Endjala The Bank of Namibia (BoN) will now handle the licensing and regulation of payment service providers instead of sharing the responsibility with the Payments Association of Namibia (PAN). The move is in line with the recently promulgated Payment System Management Act 14 of 2023 (the PSM Act). The Deputy Governor of BoN Leonie Dunn, said the rationale for having a single regulator is to provide regulatory certainty, reduce the administrative load on payment service providers by eliminating the need to interact with two regulators, and bring the domestic national payment system in line with international best practices. She…

Chamwe Kaira Good rains have seen Namibia generating more local electricity in the past year. Local generation of electricity rose substantially on an annual basis largely due to higher water inflow into the Ruacana hydro-power plant. The local generation of electricity increased substantially by 33.8% annually during the second quarter of 2023. Bank of Namibia data attributed the increase partly due to improved water inflow into the Ruacana hydro-power plant during the 2022/23 rain season, resulting in a decline in imports of electricity by 12.1%. The units of electricity consumed increased by 17.1% during the second quarter, reflecting increased demand,…

Namib Desert Diamonds (Pty) Ltd (Namdia) has disclosed that its two properties in Windhoek were revaluated by an independent property valuator, resulting in a fair value loss of N$5.5 million for Erf 336, Klein Windhoek, and a fair value loss of N$2.5 million for Erf 337, Klein Windhoek. In terms of the revaluation of remainder of Erf No. 336 Klein Windhoek, Namdia said in the current period, this property had a market value of N$30.1 million as determined on 5 April 2023 by an independent property valuator, Ngonyofi Property Investments CC, resulting in a fair value loss of N$5,495,000 in…

Chamwe Kaira Diamonds production rose on a yearly basis by 8.8% to 617 780 carats during the second quarter of 2023, Bank of Namibia data revealed. The rise was attributed to more carats mined onshore owing to ongoing expansion of the mining area at the land operations as well as more carats mined offshore ascribed to additional output from the Benguela Gem, operated by Debmarine Namibia. The central bank said production of uranium rose on a yearly and quarterly basis during the second quarter, predominantly ascribed to base effects resulting from fewer water supply interruptions experienced during the quarter. Uranium…