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Martin Endjala Construction Industry Federation of Namibia Chief Executive Officer, Barbel Kirchner, has attributed the reduction of activities in the construction industry to higher interest rates at local commercial banks. While responding to Windhoek Observer questions this week on the ever-declining activities in the industry, Kirchner said the decline can be a result of increased interest rates on borrowing money from local banks for construction work. Kirchner said with an increase in borrowing costs, one would automatically see that it is increasingly difficult to finance building and construction projects, which impacts building activity negatively as affordability reduces the demand for…

Martin Endjala Despite the announcement by the Bank of Namibia (BoN) this week that the economy is projected to grow by 3.3 percent in the current financial year and in 2024, individuals working outside the mining sector will continue to feel the economic pinch. Economist Ruusa Nandago, told Windhoek Observer this week that the forecasts by the Bank of Namibia are in line with those of FNB as they have also forecasted a 3.3 percent growth for 2023. She is of the view that this growth will be predominantly driven by mining production and exploration activities. She, however, added that…