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LatestNews (147)

Namibia in October exported uranium worth N$2.2 billion to China, a move attributed to the country’s trade deficit of N$1.7 billion for the period under review, however, a 33.5% improvement when compared to a deficit of N$2.6 billion recorded the previous month.

The Bank of Namibia (BoN) forecasts the domestic economy to grow 3.9% in 2022 before moderating slightly to 2.7% in 2023, the central bank announced on Tuesday,  largely driven by the recovery in the country’s mining sector.

 The Namibian Stock Exchange (NSX) Local Index hit a three-month low in November after recording trades valued at N$44.7 million, down from N$125.3 million in October, Cirrus Securities has said.

 The Ministry of Public Enterprises has now officially been dissolved and will now operate as a Department in the Ministry of Finance, which will now be known as the Ministry of Finance and Public Enterprises following the publishing of a government gazette on Thursday.

The Government Institutions Pension Fund (GIPF) has made an initial allocation of N$1.5 billion to assist its members to acquire and renovate properties in the country. 

The Cabinet has endorsed the Ministry of Fisheries and Marine Resources’ decision to set the total allowable catch (TAC) for horse mackerel at 290,000 metric tonnes (mt) for the 2023 season.

The Bank of Namibia (BoN) Governor, Johannes !Gawaxab, said the bank’s decision to increase the Repo rate to 6.75% compared to the South African Reserve Bank’s 7.00% is aimed at containing inflationary pressure and its second-round effect.

British multinational oil and gas company, Shell Plc, will soon start a three-well exploration and appraisal drilling campaign offshore Namibia centred on its Graff oil and gas discovery.

Angola’s Ministry of Mineral Resources, Petroleum and Gas and Namibia’s Ministry of Mines and Energy have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in the petroleum and natural gas sector and improve the mutual social, economic and environmental interests between the two countries.

Namibia’s ambitions to become a leading green hydrogen and fossil fuel producer remain undeterred by the ruling party’s elective congress outcome, which saw Deputy Prime Minister and Minister of International Relations Netumbo Nandi-Ndaitwah elected Swapo Vice President, making her the front runner to lead the party in the upcoming general elections in 2024, analysts have said.