The government could rake in at least N$166 million from its fourth fish quota auction which is set to close on December 3, 2021.
This comes as the Ministry of Finance and the Ministry of Fisheries and Marine Resources on Monday invited bids for 14 000 metric tonnes (MT) of Hake as part of government’s fund-raising efforts.
The Brief’s calculations are based on the performance of the last government quota auction, where 15,948 Metric Tons (MT) of Hake were auctioned on the 18th of June 2021, and raised a total of N$189.8 million.
From the three auctions held to date, according to latest figures revealed by Finance minister Iipumbu Shiimi, the government has raised N$408.6 million from fish quota auctions, with funds raised having been channeled to the health sector to address the financial demands of the COVID-19 outbreak.
Out of 87,500 MT of Horse Mackerel that were auctioned on 18 June 2021, the government raised a total of N$128.6 million and 392 MT of Monk were auctioned on 27 August 2021 raising a total of N$4.3 million. According to the Brief’s estimates, the figure for all the four auctions could rise to over half a billion dollars.
Government last year resolved to sell the fish quota through a competitive auction to the highest bidder., with the aim of determining the correct value of Namibia’s fishery resources with the view to ensure that the country fully benefits from its natural resources.
The auctions are being held inline with Section 3(3) of the Marine Resources Act, Act No. 17 of 2000 as amended, which makes provision for the State to utilize or harvest marine resources to advance any social-economic, cultural or other governmental objectives in the public interest, through an entity or person designated by the Minister, on direction from Cabinet.
“Given the outcome of the auctions, we are still convinced that auctions remain the appropriate methods of exploiting the quota allocated for Governmental objectives,” Shiimi said earlier in the month.