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Finance / Page 9
Namcor Was on the Verge of Liquidation Before N$1.2 Billion Lifeline
By: Erikka Koukulunhu The National Petroleum Corporation of Namibia (Namcor) Acting Managing Director Ebson Uanguta revealed that the petroleum corporation was on the brink of liquidation before the government stepped in with a N$1.2 billion lifeline from state funds. A significant portion of this was a N$1,1 billion debt to international oil seller Gunvor. […]
Government Debt Reaches N$123 Billion
By: Staff Writer Namibia’s government debt rose to N$123.51 billion by the end of September, an increase of N$2.04 billion by October. Analysts at Simonis Storm Securities (SSS) attributed most of the growth to fixed-rate bonds (GCs), which accounted for 63% of the rise, with N$1.27 billion issued in GCs. Inflation-linked bonds contributed […]
Fraud Across Payment Systems Decreases
By: Dolly Menas The Bank of Namibia’s Financial System Stability Committee (FSSC) has reported a decline in fraud across payment systems in the country. The committee emphasised that Namibia’s payment systems and infrastructure remain secure, playing a crucial role in ensuring reliable transactions and contributing to the overall stability of the financial system. This […]
Namcor Repays Half of N$1,1 Billion Debt
By: Staff writer Namcor says it has spent N$550 million to settle some of its N$1,1 billion debt to international oil seller Gunvor. This comes after the company received a N$1.2 billion lifeline from state coffers. Namcor said the bailout helped it restore its financial credibility and strengthen relationships with trading partners. In […]
More Than 600,000 Micro Lending Loans Issued in 2023
By: Nghiinomenwa-vali Erastus Registered microlending entities in Namibia issued a total of 665,290 new loans with a combined value of N$3.6 billion in 2023. This represents a slight increase of 0.8% compared to the previous year, according to the Namibia Financial Institutions Supervisory Authority (Namfisa) 2023 annual report, released last week. There are […]
Almost N$1 Billion Switched From GC25 Bond
By: Nghiinomenwa-vali Erastus Investors in the GC25 Bond, maturing in October 2025, have moved N$944.9 million of their investment into other long-term government debt instruments. This shift means some investors have chosen to extend their lending to the government, opting to receive interest payments twice a year on new bonds. The transfer follows […]
Govt Could Slash N$6.77 Billion in Bonds by 2025
By: Justicia Shipena The government is set to reduce its outstanding bonds by 2025, with N$6.77 billion currently owed on GC24, GC25, and GI25 bonds, according to a report from Simonis Storm Securities. This figure is expected to shrink further as upcoming GC25 switch auctions are held. In their report on fixed income […]
Global Food Prices Drop in August – FAO … sugar and meat costs fall
By: Justicia Shipena Global food prices saw a slight decrease in August, driven by significant drops in sugar, meat, and cereal costs, according to a recent report from the United Nations Food and Agriculture Organisation (FAO). The FAO Food Price Index, which monitors the monthly price changes of globally traded food commodities, averaged […]
Ghana Resumes Namibian Beef Imports After Long Hiatus
By: Nghiinomenwa-vali Erastus In June 2024, Ghana rejoined the list of African countries purchasing Namibian beef after a prolonged break, with some northern farmers calling the sudden stop“economic sabotage.” According to the Livestock and Livestock Board of Namibia’s July 2024 statistics, Ghana imported 22,581 kilograms of Namibian beef after a long pause. Before […]
Mbumba Welcomes Chinese Support in Agriculture Sector …As China Pledges US$51 Billion to Africa
By: FransinaNghidengwa President NangoloMbumba has called for strengthened cooperation between Namibia and China to bolster the country’s agricultural sector, emphasising the need for expertise and equipment to ensure agricultural success. Mbumba made these remarks at the ongoing Forum on China-Africa Cooperation (FOCAC) in Beijing, China. His appeal follows Chinese President Xi Jinping’s […]