Observer Money

Niël Terblanché The National Petroleum Corporation of Namibia (Namcor) and its joint venture partners, TotalEnergies, QatarEnergy, and Impact Oil & Gas, will move forward with developing the Venus Field in Block 2913B, offshore Namibia.  This decision comes despite the recent unsuccessful drilling of the Marula-1X exploration well. The Marula-1X well lies about 47 kilometres south of the Venus-1X discovery. It was drilled to a depth of 6,460 metres, targeting Albian-aged sandstones.  No hydrocarbons were found in the primary target, and no drill stem test was performed. Victoria Sibeya, acting managing director of Namcor, said on Tuesday that a full analysis…

Allexer Namundjembo The High Court has ruled against Trustco Group Holdings, dismissing its application to challenge two decisions made by the Namibia Revenue Agency (NamRA) about its unpaid taxes. Trustco had argued that NamRA owed it N$136 million in VAT credits, which it wanted to use to reduce interest on its tax debt. Trustco claimed that NamRA owed it about N$136 million in VAT credits as of March 2020. Trustco further argued that these credits were related to VAT, withholding tax, and PAYE obligations, and that an agreement had been made to use the credits to reduce accrued interest on…

Lazarus Kwedhi Namibian society emerged from a history of German colonialism and apartheid under South African rule, during which native Namibians were denied access to quality education and economic opportunities. Post-independence Namibia is founded on public values of non-discrimination, including the constitutional right to education. However, despite this right, many Namibians still face challenges in accessing education due to financial constraints and limited government support. Therefore, finding a sustainable funding model for free education is critical to relieving low-income families of the financial burden and enabling their children to reach their full academic potential. In her first State of the…

Judith Wilhelm Coca-Cola brought back its popular “Share A Coke” campaign to Namibia, aiming to reconnect people through shared moments and meaningful experiences. The new campaign, titled Share A Coke Namibia, began with a vibrant launch under the theme “Painting Namibia Red.” According to Faith Nehanda, Coca-Cola Namibia’s Senior Manager for Frontline Marketing, this phase saw Coca-Cola transforming urban spaces with bright red campaign installations and rolling out in-store activities to get consumers excited. “This campaign is not just about a drink.It reminds us that memories happen when we come together and experience the real magic of human connection; those…

CHAMWE KAIRA  Namibia’s economy is projected to grow by 3.8% in 2025, according to the International Monetary Fund (IMF)’s latest forecast.  This represents a slight increase from 3.7% recorded in 2024 and matches the IMF’s projection for 2026. Among neighbouring countries, Zambia and Zimbabwe are expected to post the highest growth rates. Zambia’s economy is projected to grow by 6.2% in 2025, up from 4.0% in 2024, and to reach 6.8% in 2026. Zimbabwe is expected to grow by 6.0% in 2025, up from 2.0% in 2024, with a slight drop to 4.6% in 2026. In contrast, Botswana’s economy is…

CHAMWE KAIRA  Swakop Uranium (Pty) executive president, Irvine Simataa, along with two officials, recently paid a courtesy call on the Ministry of Mines and Minerals Development Permanent Secretary, Hapenga Kabeta. The discussion centred on a potential partnership to develop high-potential uranium projects in Zambia, the Zambian Ministry of Mines and Minerals said. Swakop Uranium, a Namibian mining company specialising in uranium production, is keen to expand its expertise to emerging markets, including greenfield mining opportunities. This collaboration could mark a significant step in Zambia’s mining sector, leveraging Swakop Uranium’s experience to unlock new opportunities in uranium development, the Zambian ministry…

CHAMWE KAIRA  The electricity and water sector is projected to expand by 13.5% in 2025 and 12.8% in 2026, representing a notable rise from the 2.3% growth observed in 2024. The Bank of Namibia said in the December 2024 Economic Outlook update that this expected improvement in 2025 primarily stems from favourable rainfall patterns, which are anticipated to boost electricity generation, especially from the Ruacana hydropower plant. The improvement will also be bolstered by additional solar generation from the Otjikoto Biomass and the Rosh Pinah 70 MW PV plants, the central bank said. “Furthermore, rising reservoir levels will contribute to…

CHAMWE KAIRA  The Bank of Namibia’s stock of international reserves decreased at the end of March and stood at N$59.7 billion, reflecting a month-on-month decrease of 7.4%. The central bank stated that the government's rising imports and foreign payments primarily drove the monthly decrease in reserves. This level of international reserves translated into 3.9 months of import cover. When excluding oil exploration and appraisal activities, which are mainly financed from abroad, the import cover stood at 4.8 months of imports, the central bank said. Cash balances in the overall banking industry remained robust at N$9.4 billion in March 2025, relative…

CHAMWE KAIRA  In 2024, total direct employment in Namibia’s mining industry increased to 20 654, marking a 13.6% rise from 18 189 recorded in 2023, based on the Chamber of Mines of Namibia statistics. The chamber said this growth highlights the continued expansion of the sector, despite a few retrenchments reported during the year. “The steady rise in employment underscores the industry's resilience and its contribution to national job creation efforts. Employees in the mining sector collectively contributed N$1.69 billion in Pay-As-You-Earn (PAYE) tax, further emphasising the sector's role in supporting public revenue. The total wage bill amounted to N$7.9…