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Economy

Economy (333)

Namibia dropped one place on the global corruption league table to 59 although its score remained the same at 49.

The world is faced with serious challenges of climate change and these impacts are being felt around the world, with severe floods, drought and storms.

The government has launched a new policy which aims to prioritise procurement of its products and services from youth, women, Micro, Small and Medium Enterprises (MSME) and local manufacturers.

The town of Luderitz could be on the brink of an economic boom after it was revealed oil majors Shell and TotalEnergies, who are currently conducting appraisal work on their oil discoveries off the coast of Namibia, have heeded government calls for them to use the town as their base of operation and not Walvis Bay.

Economic analysts are predicting a February hike as the Bank of Namibia (BoN) struggles to contain rising inflation. BoN predicted inflation to average 6.1% in 2022 and fall to 4.9% in 2023.

The Namibia Fish Consumption and Promotion Trust (NFCPT) has hiked Horse Mackerel prices, citing escalating harvesting costs.

To the relief of motorists, the Ministry of Mines and Energy has announced that fuel prices will remain unchanged in February.

President Hage Geingob says he is deeply concerned that despite the Central Procurement Board of Namibia (CPBN) being in place, the government continues to pay highly inflated prices for goods and services. 

Namibia and South Africa are exploring the possibility of a partnership in the development of green hydrogen initiatives, including the joint development of a Green Hydrogen corridor.

The European Union is setting in motion its partnership with Namibia on rare earth minerals, with a delegation from Brussels touring Andrada Mining’s Uis mine, which has confirmed the presence of significant lithium, tin and tantalum mineralisation. 

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