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Government reels in N$52.3 million from horse mackerel auction

Government reels in N$52.3 million from horse mackerel auction

The Ministries of Finance and Public Enterprises and Fisheries & Marine Resources managed to raise a total of N$52.3 million from the sale of 28,500 metric tons of horse mackerel, inclusive of N$11,000 raised from application fees, through an auction.

The results announced in a statement on Thursday by the Ministry of Finance are for the auctioning of the Governmental Objective Fishing Quota of 30,540 MT Horse Mackerel, bids held on March 31, 2023.

According to the ministry, the horse mackerel auction was a success, as shown in improved prices from the reserve price of N$3,000 to an average of N$3,017.64 for freezer horse mackerel and N$750 to N$754.02 for wet horse mackerel.

“Such an outcome confirms auctioning as a good mechanism to facilitate price discovery in the sector and allocate natural resources to the market,” the ministry concluded.

Currently, the government is auctioning fishing quotas to generate revenue for the state.


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