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Author: Freeman Ngulu

Labour Force Survey data show unemployment rate of 34.5%

The Namibia Labour Force Survey 2016 Report conducted by the Namibia Statistics Agency (NSA) shows that 34.5% of youth aged 15-34 years are Not in Education, Employment, or Training (NEET) The Statistician-General, Alex Shimuafeni, said that the collected 2016 data shows an increase of 10.4 % from the rate of 24.1 % recorded in the 2014 Labour Force Survey. “The NEET concept was introduced alongside the unemployment rate in consideration of the fact that where youth do not reflect as employed or part of the labour force due to them being in education or training, this is positive rather...

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Revival for Uis tin mine through Greenhills – Bushveld Minerals tin subsidiary

After almost 30 years as a defunct mine, the tin deposits at Uis, have recently started attracting renewed investor interest. Bushveld Minerals CEO Fortune Mojapelo, announced last week that his vanadium producing company with a diversified portfolio of tin and coal assets in southern Africa, has completed all conditions to acquire a 49.5% interest in Dawnmin Africa Investments from a consortium of Namibian shareholders. The intended acquisition will be effected Greenfields, a wholly-owned subsidiary of Bushveld Minerals. Dawnmin’s interest in the Uis tin project is held through its 85% shareholding of Guinea Fowl Investments. The remaining 15% shareholding in...

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Aha Hotels and Lodges expands footprint in Namibia

Aha Hotels and Lodges is expanded its footprint in Namibia as they signed the full management and marketing services contract for Epacha Game Lodge andSpa and the Eagle Tented Lodge. effective from 1 July. The Epacha Game Lodge and Spa and the Eagle Tented Lodge border the main road leading to the Etosha National Park. CEO of Aha Hotels and Lodges, Neil Bald said, “This is a welcome addition to the aha family, our portfolio is growing and this acquisition is just another step towards achieving our strategic goals as we develop our footprint in Namibia.” The lodge has...

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Coastal SME community get on-the-go retail banking services

Nedbank Namibia recently launched its SME Banking service to members of the coastal business community in Walvis Bay. This follows the launch of the SME Banking service to the Windhoek business community under a year ago where it was also announced that well-known businesswoman Twapewa Kadhikua is the ambassador. “Just under a year ago, on 26 July 2016 in fact, I had the honour of launching Nedbank Namibia’s SME Banking services in Windhoek. And now a year later, as we reflect back to everything that has been happening in between, I can say with great confidence that we have...

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Development Bank receives separate Fitch rating, plans to issue bond

Development Bank of Namibia CEO Martin Inkumbi announced this week the Bank has received an investment grade rating of ‘BBB-‘ from Fitch, and that DBN expects to issue a bond of N$250 to N$300 million in the second half of 2017. Talking about the practical implication of the rating, Inkumbi said that the upcoming local borrowing programme, together with an initial bond issue of N$250 to N$300 million will be boosted by the affirmation of the investment grade quality of DBN debt, and this should prove beneficial in the case of further issuing of debt by the Bank. “DBN...

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ACC bags two corrupt public office bearers

The Anti-Corruption Commission (ACC) recently completed a 2016 investigation of a corruption case against an employee of the Rehoboth Town Council, Jennifer Kays, in respect of the forgery and subsequent use of the forged qualifications. During the investigation of the matter it was found that Kays forged academic qualifications to secure a position as Financial Manager at the Rehoboth Town Council. It also became apparent that the same qualifications were presented and utilized at her previous place of employment at the Namibian Airports Company. Kays has subsequently been arrested and charged with eleven counts of corruption, fraud and uttering...

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Ratings agency, Fitch believes overall economic conditions have stabilised

Confirming Namibia’s sovereign rating at BBB- but keeping the outlook negative, Fitch Ratings last week said it has taken note of the Ministry of Finance’s gigantic response to reduce last year’s budget stress by an immediate, front-loaded saving of N$5 billion. However, Fitch does not share the ministry’s ambitious plans to reduce the budget deficit, stating that it believes a deficit of 4.2% of GDP this year, and 3.1% next year, are more realistic. The government’s official, published targets are 3.6% and 2.5% respectively. Demonstrating that Fitch, just as much as any other analysts, is exposed to the vagaries...

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NTA’s Lukonga talks to German investors on opportunities in vocational training

Mr. Richwell Lukonga from the Namibia Training Authority recently highlighted the need to expand and diversify Namibia’s Vocational Education and Training market. During his presentation in Berlin, Germany, at the end of May, Lukonga pointed out that “German companies can engage in the training sector in various ways, such as extending and partnering with existing training institutions, building new training centres or providing training equipment”. The conference also featured presentations by German training companies already active in Namibia. maxx-solar, for example, runs a training academy which offers short-term courses on photovoltaic installations and ITS GmbH, a training provider for...

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