LatestNews (131)

Bena Capital has launched the Arandis Logistic Hub, a project estimated to cost between N$450 million to N$660 million, aimed at adding value to the logistics sector.

Namibia's economy grew by N$22.3 billion last year, resulting in an estimated size of N$206.2 billion, as compared to N$183.9 billion recorded in 2021, anchored by positive performance across all industries, latest data from the Namibia Statistics Agency show.

The Bank of Namibia (BoN) has declared a dividend of N$413.7 million to the State Revenue Fund, which is consistent with the dividend declared in the previous financial year.

The announcement was made during the official launch of the central bank’s 2022 Annual Report, where Governor Johannes !Gawaxab noted that the Bank's financial performance for FY2022 had significantly improved compared to FY2021.

 "The financial performance of the Bank for FY2022 improved significantly  compared to FY2021. Favorable interest rates during 2022 and the increase in the  Bank’s reserves balance contributed to the improvement in the Bank’s financial  performance," said !Gawaxab.

In 2022, the Bank executed its first year of the three-year Strategic Plan 2022-2024.

"The plan sets the direction to be followed and establishes clear priorities to align  departments towards a common goal. Moreover, the plan envisions a digitalisation  transformation of the Bank with a fully modernised financial system, maximising its  contribution in restoring economic growth and sustaining economic development," said !Gawaxab.

He added that the apex bank is committed to achieving its strategic objectives as outlined, towards becoming a leading central bank that continues to be dedicated to the prosperity of Namibia.

On the fiscal front, !Gawaxab noted that the budget deficit narrowed during the FY2022/23, while debt continued to rise over the same period.

“The narrowing of the deficit to an estimated 5.2% of GDP is ascribed to an increase in revenue collection. This resulted from increases in income tax on individuals, and diamond mining and non-mining companies, coupled with dividends declared by public enterprises,” he said.

Looking ahead, BoN notes that growth performance of the domestic economy is expected to weaken during 2023 and 2024, in line with lower global demand and reduced consumer spending power.

“Real GDP growth is estimated to slow down to 3% and 2.9% in 2023 and 2024, respectively, from 4.6% in 2022,” the Governor said.

Despite this, !Gawaxab said the banking industry in Namibia remained profitable, liquid, and well-capitalized, "return on assets and return on equity increased, presenting an improvement in profitability."

He also noted that the industry had observed an improvement in both the capital adequacy and liquidity position, which remained above the statutory minimum requirements.

The ratio of non-performing loans to total loans stood at 5.6% at the end of December 2022, lower than 6.4 percent recorded a year earlier.

Other highlights of the past year include a rise of 8.4% in the stock of international reserves to N$47.6 billion (5.7 months of import cover) at the end of 2022.

The Bank pursued a contractionary monetary policy during 2022 "to strike a balance between anchoring inflation expectations and supporting the domestic economic recovery."

 Meanwhile, Namibia's economic growth improved significantly to 4.6% in 2022 from 3.5% in 2021, even as Namibia's current account deficit as a percentage of GDP widened to 12.3% during 2022 from 9.9% in 2021.


Namibia is lobbying for financial inclusion at the United Nations (UN) Water Conference underway in New York, by proposing reforms in funding that seem to hinder middle- and upper-income countries from accessing monetary assistance due to their economic classification.

Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers.

Cabinet has resolved and tasked the Finance and Public Enterprises Ministry to speed up the process of devising ways to bring an end to the abuse of Public Servants' Employees Medical Aid Scheme (PSEMAS), which has cost the government millions in fraudulent activities.

The Ministry of Mines and Energy has warned Namibians to brace for more fuel price hikes in the coming months after it has announced a N$1.50 increase in the price of petrol, while diesel remained unchanged for the month of March.

The Road Fund Administration (RFA) says it has invested more than N$30 billion in road infrastructure in the country, leading Namibia to be ranked number one in Africa and 21 in the world in terms of quality of road infrastructure.

The Rössing Uranium Board has approved the Life of Mine Extension from 2026 to 2036 following the completion of the bankable feasibility study.

President Hage Geingob says the recent oil discoveries by TotalEnergies and Shell off the coast of Namibia have potential to propel the country to become a major oil producer in Sub-Saharan Africa.

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