Page 231 – Windhoek Observer

09 Jan

Namibia’s oil ambitions suffer a severe blow

National News

Niël Terblanché Oil giant, Shell has dealt a severe blow to Namibia’s aspirations of becoming a crude oil producer by announcing plans to write off approximately US$400 million tied to its offshore oil discovery in block PEL39. According to a statement published on the website of the African Emergency Council, the international oil company cited technical and geological challenges that rendered the resources commercially unviable for development. “The discovered oil and gas resources in offshore block PEL39 in Namibia cannot currently be confirmed for commercial development,” the company said in its statement. In the meantime, Shell’s partner in the venture,…

09 Jan

Namibia and Ghana forge stronger economic ties

National News

Niël Terblanché Namibia and Ghana have reaffirmed their commitment to deepening bilateral relations and strengthening cooperation across various sectors following talks between Namibian President Nangolo Mbumba and Ghanaian President John Mahama. The discussions between the two heads of state took place on the sidelines of President Mahama’s inauguration in Accra, where he was sworn in as Ghana’s leader. During the meeting, President Mbumba congratulated President Mahama on his election victory, describing it as a milestone for democracy in Ghana. He also commended the historic election of Vice President Jane Naana Opoku-Agyemang, Ghana’s first female Vice President, and lauded Ghana’s long-standing…

09 Jan

Exciting developmental football projects promised for 2025

Sports

Erasmus Shalihaxwe The Namibia Football Association (NFA) has announced a series of exciting developments for the new year, including groundbreaking sponsorships for the second and third divisions by Namibia Ports Authority and Sisa Namandje Inc. This marks a historic milestone, as it is the first time in Namibian football history that all 14 regions will have active third divisions and regional women’s leagues. NFA spokesperson Isack Hamata stated on Thursday that the sponsorship aligns with the NFA Executive Council’s strategic objective of allowing every aspiring young footballer to play at a level that matches their abilities. “Exciting developments are already…

09 Jan

On contradictions of propagandists vs praise-singers

Opinions

PAUL T. SHIPALE I read an opinion piece by Bob Kandetu written on 14 December 2024 and that appeared in the Confidénte of 20 December 2024-10 January 2025 titled; “Propagandists and disinformation, Thank you dearly Comrade Ellen Musialela”. In that article Kandetu advises the nation of the need to stay the course and be concerted and vigilant… betting that Mukwanangombe will do the best to appoint people of quality to her government. Kandetu said “the Netumbo regime must not be perked on vengefulness, examining closets in bedrooms and what not. But the regime must see to it that not again…

09 Jan

Rosh Pinah expansion reaches 60% mark

Observer Money

CHAMWE KAIRA The Rosh Pinah 2.0 expansion project is making significant progress and has now passed the 60% completion mark, the mine has announced. The mine is owned by Appian Capital Advisory LLP since 2023. In 2023, the mine produced 74 605 tonnes of zinc concentrate and 20 265 tonnes of lead concentrate, according to the Chamber of Mines of Namibia figures. Rosh Pinah said the construction of the paste fill plant is advancing well and is on track for the scheduled commissioning towards the start of the second quarter. “The installation of the associated underground piping and boreholes for…

09 Jan

GDP expected to grow to 5.8% in 2026

Observer Money

CHAMWE KAIRA GDP is expected to grow to 5.8% in 2026 from a growth of 4% in 2024, according to Bank of Namibia figures. This high growth is based on the back of oil, gas and green hydrogen investments. This growth compares to 3.5% recorded in 2024 and 4.2% recorded in 2023, according to the central bank. The central bank has projected inflation to reach 4% in 2025, down from 4.3% in 2024. The average annual inflation was 6.5% in 2022 and 5.8% in 2023. The major oil finds off the country's coast are estimated to hold around 11 billion…

09 Jan

New vehicle market to rebound this year

Observer Money

CHAMWE KAIRA The confluence of positive economic indicators and the resilience of the volume passenger car segment during the last quarter of 2024 suggests a potential rebound for the new vehicle market in 2025, the Automotive Business Council has revealed in its December 2024 new vehicle sales statistics. Namibia imports a large number of cars from South Africa. The council said the South African Reserve Bank’s two interest rate cuts towards year-end, the first in four years, coupled with easing inflation, have created a more favourable economic environment. Additionally, lower fuel prices have bolstered consumer confidence and disposable income, as…

09 Jan

Hans to work with Chapman until June

Observer Money

CHAMWE KAIRA Outgoing Bank Windhoek Managing Director Baronice Hans will work closely with newly appointed MD James Chapman until 30 June to ensure a smooth leadership transition, the Capricorn Group board has confirmed. Chapman is set to officially take over as managing director on 1 July 2025. In September, it was announced that Hans would complete her tenure as managing director at the end of June 2025. The bank initiated a comprehensive talent search to identify a suitable successor, culminating in the appointment of Chapman. “The appointment was made in accordance with the policy dealing with the nomination of directors…

09 Jan

Trustco shareholders approve US$469m Legal Shield deal

Observer Money

CHAMWE KAIRA Trustco Group Holdings Limited shareholders have approved the N$469 million (US$26 million) equity acquisition of additional shares in Legal Shield Holdings Limited (LSH) at a general meeting held in Windhoek. The transaction involves acquiring 1 135 shares from Riskowitz Value Fund LP (RVF), increasing Trustco’s stake in LSH to 91.35%. Quinton Z van Rooyen, Deputy CEO of Trustco, stated: “The support from our shareholders validates our steadfast belief in Namibia’s economic potential. By deepening our commitment to the opportunities inherent in Namibia’s growing property and insurance sectors, we are not just investing in Trustco’s future but also contributing…

09 Jan

Shell fires warning shots

Energy, Featured, Observer Money

EKKEHARD FRIEDRICH Today Shell wrote down their reserves in PEL39 offshore Namibia by USD 400m stating that it can not be commercially developed. Warning shots have been fired. With inaction to commit to developing adequate onshore support infrastructure, the generally slow administrative pace, and uncertain (and increasingly restrictive) policies, the cost of development of Namibia’s intricate ultra-deep offshore fields becomes increasingly prohibitive (which of course decreases the net present value of the reserves and leads to write-downs). Let us be clear, Namibia’s offshore fields are extremely challenging in the first place and there is a very real risk that oil…