Select Page

Latest hake auction nets N$189.9 million

Latest hake auction nets N$189.9 million

The latest hake auction raised a total of N$189.9 million from the sale of 15,948 MT, inclusive of N$40,000 raised from application fees according to a joint statement released by the Ministry of Finance and Ministry of Fisheries and Marine on Monday.

According to the statement, of these funds N$183.9 million has already been deposited into the State Revenue Fund at the Bank of Namibia and the balance of N$6 million will be settled next week.

“The Ministry of Finance and Ministry Fisheries and Marine Resources consider the hake auction a success, as shown in improved prices from the reserve price of N$6,000 to N$11,745.90 for Wet Hake and N$8,000 to N$12,508.50 for Freezer Hake. Were these quotas sold at the reserve price, the government’s income would have been only N$102.3 million. The ministries see the auction results as a confirmation of the soundness of the mechanism to test market prices.

Meanwhile the ministries added that the same auction principles will apply for the upcoming auctions for other fish species.

“The advertisements for the horse mackerel auction are currently running in the local media, and the auction is scheduled to take place on 18 June 2021,” they said, adding that, as a government they are conducting these auctions with noble intentions.

“Although the first auction did not yield the desired outcome, the results that we are announcing now is a clear demonstration of government’s seriousness and commitment to support the country’s socio economic priorities, promote transparency and ensure that Namibia fully benefits from her natural resources,” the ministries concluded.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.

Rain Rate >UTC + 2 hrs = Namibian Time<