Government raises N$110 million through hake quota auction
The government raised a total of N$110.1 million from the sale of 12,300 metric tons of hake fish through an auction, a government announcement revealed this week.
The auction bidding of the Governmental Objective Fishing Quota of 15,000 metric tons hake was held on 16 December 2022 by the Ministries of Finance & Public Enterprises and Fisheries & Marine Resources, the finance ministry’s public relations office said in a statement.
“The Ministries of Finance & Public Enterprises, and Fisheries & Marine Resources consider the hake auction a success, as shown in improved prices from the reserve price of N$7,000 to an average of N$8,592.55 for wet hake and N$9,000 to N$10,207.41 for frozen hake,” the statement added.
Such an outcome confirms that auctioning remains a good mechanism to facilitate price discovery in the sector and allocate natural resources to the market, the Finance ministry added.
The government has been conducting fish auction quotas to fund government expenditures.
The hake quota was the third auction in 2022, following an auction of 1,000 metric tons of monk in June and 11,090 metric tons of horse mackerel in April last year.