Observer Money – Page 69 – Windhoek Observer

10 Oct

Petrol prices to help ease inflation

Observer Money

Looking ahead, Namibia's inflation is expected to continue easing, supported primarily by the Ministry of Mines and Energy’s recent decision to reduce fuel prices for October 2024. Petrol prices have been cut by N$1 per litre, bringing the price down to N$20.25 per litre, while diesel 50ppm and diesel 10ppm now cost N$19.72 and N$19.82 per litre, respectively. This reduction should alleviate inflationary pressures, especially in the transport sector, which has been a key driver of inflation over the past few months. The annual inflation rate for September stood at 3.4%, marking the lowest level since August 2021. This represents…

10 Oct

Stand-alone off-grid solar solutions needed

Energy, Observer Money

Off-grid solar energy is emerging as a game-changer for Southern Africa's power challenges. Patrick Tonui, Head of Policy and Regional Strategy at GOGLA, is at the forefront of this revolution. In a conversation with Observer Money, he discussed how off-grid solar is helping to close energy gaps in Namibia and South Africa, providing affordable and sustainable options for millions of people. Observer Money (OM): How will off-grid solar help with the power deficit in Southern Africa, including Namibia? Patrick Tonui (PT): Off-grid solar solutions can play a key role not just as the quickest, most efficient way to provide first-time…

10 Oct

Livestock industry battles drought, market challenges & rising theft

Observer MoneyJako van Wyk, Livestock Producers Organisation (LPO)

CHAMWE KAIRA Livestock Producers Organisation (LPO) chairman Jako van Wyk has said the past year was marked by challenges, including the current drought. The drought led to President Nangolo Mbumba declaring a state of emergency. According to Van Wyk, the drought was particularly severe because producers had not yet fully rebuilt their herds or recovered economically from the 2019 drought, and large parts of the country's pastures were already under stress. “The presidential declaration was met with gratitude by producers, as it initiated the necessary protocols to address the drought across all regions, unlocking the budgeted N$825 million for relief…

10 Oct

Basic commodity prices remain high in Khomas

Observer MoneyNamibia Statistics Agency

CHAMWE KAIRA The year-on-year inflation rate stood at 2.8% in Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi) during September, compared to 6.1% registered during September 2023. The Namibia Statistics Agency said the slowdown in the annual inflation rate emanated mainly from the slow increases observed in the price levels of ‘alcoholic beverages’ (from 10.9% to 4.6%); ‘food and nonalcoholic beverages’ (from 9.6% to 4.5%); and ‘education’ (from 4.5% to 0.6%). On a monthly basis, the inflation rate declined by 0.2% compared to a 0.3% increase recorded during the preceding month. In Zone 2…

10 Oct

Government debt reaches N$123 billion

Observer MoneyFixed-rate bonds, Simonis Storm, Treasury Bill

CHAMWE KAIRA Namibia’s total domestic government debt reached N$123.51 billion by the end of September, reflecting an increase of N$2.04 billion. Fixed-rate bonds (GCs) contributed significantly to this growth, accounting for 63% of the increase through the issuance of N$1.27 billion in GCs. In contrast, inflation-linked bonds contributed a modest 4%, totaling N$80 million. The Namibian government bond yields have experienced significant compressions, particularly within the 10 to 20-year tenors since the start of this year, according to a report by Simonis Storm research and wealth management company. The yield on the GC40 decreased by 139 basis points, while the…

08 Oct

Livestock board to award quota share to export beef to Norway

Observer MoneyLivestock and Livestock Products Board of Namibia (LLPBN), Norway Quota Allocation

Martin Endjala The Livestock and Livestock Products Board of Namibia (LLPBN) has announced it will allocate a portion of the Norwegian beef production and export quota to local abattoirs. According to an invitation notice seen by the Windhoek Observer, the quota will be awarded to eligible organisations approved for beef production and export to Norway. The quota is valid for 12 months, from 1 January 2025 to 31 December 2025. “The sharing and allocation of the 1,600 tons of beef quota will be done in accordance with the principles outlined in the Government Approved Norway Quota Allocation Model of 14…

08 Oct

Financial system stable amid moderate domestic economic conditions

Observer MoneyBank of Namibia, Financial System Stability Committee, Gross Domestic Product (GDP), Johannes !Gawaxab

Matin Endjala Namibia’s financial system remains stable and resilient despite slowing economic growth and global challenges, according to the Financial System Stability Committee (FSSC) report released on Tuesday. According to the report, factors like drought, low diamond prices, and weak global demand will cause Namibia's Gross Domestic Product (GDP) growth to slow to 3.1% in 2024. Global factors continue to primarily influence risks to the domestic economy. The FSSC, which includes the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority, met on 3 October to assess the financial system’s resilience. Bank of Namibia Governor Johannes !Gawaxab said: “The…

03 Oct

Namcor and SLB collaborate for suitable energy

Energy, Observer MoneyFrans Kalenga, SLB Digital Forum 2024

Stefanus Nashama The National Petroleum Corporation of Namibia (Namcor) and the global energy technology company SLB have signed an agreement to collaborate in advancing suitable technology in Namibia. The Namcor senior manager of sustainable energies, Frans Kalenga, announced the agreement on Thursday. “This agreement marks a greater step in our relationship towards building strong partnerships with international players, and we're excited to see the fruits of the seeds planted today. Our collaboration with SLB will play a key role in the sustainable development of Namibia’s energy resources, including recent oil discoveries, which marks an exciting era for our upstream sector,”…

03 Oct

Toini Muteka appointed as executive officer for human capital at Bank Windhoek

Observer MoneyBaronice Hans

Niël Terblanché Bank Windhoek has announced the appointment of Toini Muteka as the bank’s new Executive Officer for Human Capital. The appointment is effective from 1 October. The announcement was made by Bank Windhoek’s Managing Director, Baronice Hans, who stressed Muteka’s wealth of experience and leadership capabilities, which are expected to significantly bolster the bank's human capital strategies. “In her new role, Muteka will be tasked with developing and executing human resource strategies that align with Bank Windhoek’s broader business objectives,” Hans said. According to Hans, these strategies will be key to addressing critical areas such as succession planning, talent…

03 Oct

Paratus eying African expansion

Observer Moneylow earth orbit, Starlink service

CHAMWE KAIRA Paratus Group, which has already launched Starlink services in Botswana, Mozambique and Zambia, is actively working on expanding its low earth orbit (LEO) offerings to more African countries as regulatory environments and satellite coverage permit. Chief Technical Officer, Rolf Mendelsohn, has said the company has launched the fastest express route from Johannesburg to Europe recently. “We have created an east-west African fibre route from Maputo to Swakopmund, we landed the Google subsea Equiano cable in Namibia and have built 4 Tier III by design data centres in Africa,” said Mendelsohn. He added that Paratus is positioning itself to…