Observer Money – Page 144 – Windhoek Observer

14 Jul

The Daures Green Hydrogen Village aims at establishing a sustainable and environmentally friendly ecosystem

Observer MoneyThe Daures Green Hydrogen Village aims at establishing a sustainable and environmentally friendly ecosystem

Project lead developer is Enersense Energy Namibia, a 100% Namibian owned firm. This is the firm I represent. The SPV (Daures Green Hydrogen Village) is 90% owned by Enersense an 10% by community groups. The community groups include the Daure Daman Traditional Authority and Tsiseb Conservancy. The SPV has a 25 year land lease with option to extend by an additional 50 years. The total land size is 15,000 hectares with good solar and wind potential. We are busy with continuous optimization of the project and its forecasted production. In the pilot we will only be producing 100tons of green…

14 Jul

Namibia maintains upper middle income country status

Observer MoneyNamibia maintains upper middle income country status

CHAMWE KAIRA Namibia has maintained its upper middle income country status in the World Bank Group country classifications by income level for the financial year 2024 from 1 July 2023 to 30 June 2024. In terms of comparison with its peers in the Southern African Development Community, South Africa was also rated as an upper middle income country, the same with Botswana while Lesotho is rated as lower middle income country, same with Eswatini, Angola, Zambia, Zimbabwe and Tanzania. Malawi, Mozambique, Democratic Republic of Congo and Madagascar were rated as low income countries. President Hage Geingob has repeatedly said 100…

14 Jul

Rossing Uranium aim for more spot market earnings

Observer MoneyRossing Uranium aim for more spot market earnings

CHAMWE KAIRA Rössing Uranium mine at Arandis in the Erongo Region plans to continue pushing for more revenue uranium oxide sales on the spot market, this year, which results in the company benefiting when uranium prices are high, senior company officials told journalists last week. Managing Director, Johan Coetzee and General Manager, Commercial and Marketing, Jingtao Frank Chang said in response to questions from the media that spot prices enable the company to earn extra money on top of the earnings from fixed contracts. In 2022, Rössing produced 5.9 million pounds U3O8 (uranium oxide), but only sold 5.7 million pounds…

14 Jul

Namibia exports 22 842 hectolitres of alcohol

Observer MoneyNamibia exports 22 842 hectolitres of alcohol

Namibia exported 22 843 hectolitres of alcoholic beverages in May, of which beer accounted for a share of 93.1 percent. South Africa (90.1 percent) was the top export destination for beverages, followed by Zambia (4.7 percent), Democratic Republic of Congo (3.1 percent) and Mozambique with a share of 0.7 percent. Namibia imported a total of 87 655 hectolitres of beverages during the month of May, as opposed to 80 024 hectolitres recorded in April 2023 and 80 951 hectolitres registered in the corresponding month of 2022. The Composite Production Index for beverages consisting of alcoholic and non-alcoholic beverages for May…

13 Jul

Namibia’s GDP growth expected to slow down

Observer MoneyNamibia’s GDP growth expected to slow down

Martin Endjala Namibia’s real Gross Domestic Product (GDP) growth is expected to slow down in 2023 and 2024, due to weaker global demand. Considering the current macroeconomic conditions, the Macroprudential Oversight Committee (MOC) deliberated and deemed it important to recommend a policy intervention on the existing Loan-To-Value ratios (LTV) regulation. Contrary to the robust growth of 4.6 percent observed in 2022, the domestic real GDP growth is projected to moderate to 3.0 percent in 2023 and is further expected to slow down to 2.9 percent in 2024. The moderation is mainly on account of global monetary policy tightening and ongoing…

13 Jul

Balance sheet growth remains strong

Observer MoneyBalance sheet growth remains strong

Martin Endjala The Namibian banking sector’s balance sheet growth has remained strong and reflects an improved liquidity position and adequate capital levels. Records show that on a quarterly basis, total assets for the banking sector grew by 5.3 percent to N$173.2 billion in the first quarter of 2023. The growth was driven by cash and balances at banks as well as net loans and advances. The liquidity ratio of the banking sector stood at 19.1 percent during the first quarter of 2023, from 17.8 percent in the last quarter of 2022, due to diamond sales, government spending, capital inflows and…

12 Jul

FNB reduces service fees

Featured, Observer MoneyFNB reduces service fees, Nangula Kaulum

Martin Endjala The First National Bank of Namibia has reduced the charges on some of its services as a way of cutting deeper to support customers. The fee reductions include card swipe fees on Bankwise lifestyle accounts, fees on international card swipes, reduced cost of ATM withdrawals for its student client base and reduced external debit order fees for its transmission account holders. The reduction in service fees will offer huge fee-saving opportunities for customers who use the bank’s alternative channels, feature across FNB Namibia’s newly released July 2023-June 2024 pricing for products and services. This pricing is effective from…

12 Jul

Green schemes expecting good harvest

Observer MoneyGreen schemes expecting good harvest

Niël Terblanché Significant investment in the renovation of key infrastructure to increase the production of maize and other types of staple grains on Namibia’s green schemes will pay off when current harvest is brought in. According to an audio-visual documentary presentation by the Ministry of Agriculture, Water and Land Reform (MAWLR), the various green schemes that benefitted from the investment, expect to harvest about 7 000 tons of maize by the end of July. Towards the end of 2022, MAWLR mobilized funds to commence production at the green schemes and irrigation projects of Sikondo, Ndonga Linena, Uvungu Vhungu, Shadikongoro and…

11 Jul

FNB employs 30 consultants

Observer MoneyFNB employs 30 consultants

Martin Endjala In an effort to provide more integrated and seamless services, the First National Bank of Namibia has expanded its consultant team in the Contact Centre with 30 people to improve its point of contact with customers. The bank’s decision offered the opportunity for 30 Namibians to secure full-time employment while reducing the drop call rate to eight percent. The bank strives to reduce dropped calls even further. “The outcome of this investment in people and ultimately our customers resulted in a year-on-year increase, which supports the notion of digital when I want it, human when I need it,”…

11 Jul

Paratus signs deal to serve the offshore industry

Observer MoneyParatus signs deal to serve the offshore industry

Staff Writer Namibia’s privately owned telecommunications and network company, Paratus and wireless communications company Ceragon Networks have signed a multi-year agreement to provide high-capacity wireless offshore communication solutions to the oil and gas industry in Namibia, Angola, and Mozambique. The agreement effectively combines Ceragon’s world-class stabilising technology for offshore assets, including rigs and or floating production storage and offloading platforms (FPSOs), with the Paratus onshore network infrastructure to give customers an unequalled service for the fast and secure transmission of vital data. The Ceragon technology connects offshore floating, rotating and/or navigating infrastructure via a uniquely stabilised live microwave link over…