Observer Money

CHAMWE KAIRA The Financial Action Task Force (FATF), which leads global action to tackle money laundering, terrorist and proliferation financing said this week that it could not comment on newly announced legislation announced by the Bank of Namibia and its effectiveness on Namibia’s framework to combat money laundering or terrorist financing. The Bank of Namibia recently disclosed that the Cabinet Committee on Legislation has approved 11 amendments and two new bills that, when passed by the legislature, will ensure that Namibia’s legal framework is fully aligned with new developments in global anti-money laundering, terrorist financing, and proliferation financing standards. A…

Advisory and intermediary firm NMG Consultants and Actuaries has opened an office in Windhoek as it looks to offer a range of retirement fund, investment and actuarial consulting services to Namibian businesses, pension funds and medical aid funds. The new office will allow NMG to enhance its service levels to its existing Namibian clients, while actively looking to grow its client base in the country, said Ernestu Augustus MD of NMG Consultants and Actuaries Namibia. “This expansion is a clear indication of our growth trajectory as a business. We expect it to open up several opportunities for skilled people in…

CHAMWE KAIRA China’s maize imports from South Africa will have no impact on South African maize exports to its neighbours including Namibia, Wandile Sihlobo, Chief Economist of the Agricultural Business Chamber of South Africa told Observer Money this week. “No; South Africa has ample supplies and surplus of 3 million tonnes in the 2023/24 marketing year. South Africa’s neighbouring countries will still be able to import maize, and this won’t be disrupted by China. China remains one of South Africa’s small markets, having imported around 108 000 tonnes from South Africa in 2022/23 marketing year that ended in April, which…

Martin Endjala Namibia will not be affected by the ongoing 2023 global recession caused by simultaneous rate hikes by central banks across the world in response to inflation. The economy of the country is, in fact, expected to grow in the region of three percent, only one percent shy of last year’s 4.6 percent. According to a comprehensive new study by the World Bank, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging markets and developing economies that would cause them lasting harm. Economist, Ruusa Nandago explained that recession by…

Chamwe Kaira Namibians who have been pregnant with expectations that Nando’s, the South African franchise that specializes in Portuguese flame-grilled peri-peri style chicken will return to Namibia after its departure five years ago, will have to keep craving for it to return. Following numerous social media postings of Namibian travelers coming back with Nando’s mostly from South Africa, Observer Money sought to find out the latest regarding the franchise’s status in Namibia. We issued a statement in 2018 and there are no new developments or updates. As such, we will not be providing further comments on the topic. Nando’s had…

Niël Terblanché For the first time in three years, Namibia welcomed a large group of tourists that arrived from China on Friday evening. The 20 tourists who departed from Hangzhou city in south-eastern China made their first stop in neighbouring Zimbabwe, where they visited Victoria Falls, before travelling to Namibia. The visit by Chinese tourists follows a little more than a month after the World Health Organisation (WHO) declared an end to the public health emergency of international concern. In short, it meant that COVID-19 was no longer a pandemic. Dr Tedros Adhanom Ghebreyesus, the head of the WHO, in…

Hertta-Maria Amutenja The Central Bank’s Small and Medium Enterprises Economic Recovery Loan Scheme has paid out N$85.9 to 80 SMEs across the country to allow them to continue operating while providing further impetus to the revival of the economy. This was announced by the Bank of Namibia’s Strategic Communications and International Relations International Relations Director, Kazembire Zemburuka. Zemburuka said the recently relaunched loan scheme’s goal is to assist small and medium-sized businesses (SMEs) in fostering the nation’s economic recovery. “The loan scheme is designed to support small and medium-sized enterprises (SMEs) to promote economic recovery. It involves the allocation of…

Martin Endjala With the discovery of oil and gas in Namibia, the country will need effective, practical, fair and transparent legal policies to evade the curse of other African countries like Nigeria and the Democratic Republic of Congo. This was emphasized by the Institute for Public Policy Research Executive Director Graham Hopwood last week as he took a swipe at the upstream Petroleum sector in the country, amidst the discovery of oil and gas in the country and the recent announcement by the Mines and Energy Minister Tom Alweendo on the reviewing of the Petroleum Act which is long overdue.…