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Author: Musa Carter

Political stability will spur foreign investment – Business Monitor International analysis

Business Monitor International (BMI) Research, a unit of the Fitch Group, is of the opinion that President Hage Geingob’s sizable victory at Swapo’s November elective congress, has consolidated his leadersip. BMI released it forward view of the economy and the government’s role earlier this week. According to the firm’s analysis, Geingob’s victory will give him the political space necessary to moderate populist social and economic reforms, tempering investor caution toward Namibia. “Geingob’s victory at the party conference will increase policy continuity and boost investors’ confidence in Namibia’s business environment. Indeed, we expect gross fixed capital formation growth to increase...

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Inflow from SACU receipts slightly improves foreign reserves

The stock of international reserves rose slightly at the end of October to N$31.6 billion at the from N$31.4 billion at the end of September, according to statistics from the country’s central bank. The Bank of Namibia, Tuesday released the Money and Banking Statistics for October 2017 and attributed the rise in the level of reserves mainly due to inflows from the Southern African Customs Union (SACU) receipts. Namibia is a member of the five-nation customs union and relies heavily on revenue from SACU, with about a third of the 2017/18 total budget expected to come from SACU receipts...

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Safety, Rule of Law drive Namibia’s growing positive governance ranking

Namibia scored 71.2 out of 100 in Overall Governance, ranking 5th out of 54 in Africa in the latest Mo Ibrahim Index of African Governance released this week. Namibia’s score is significantly higher than both the continental average of 50.8 and the regional average of 58.6. According to the index launched on Monday, Namibia’s Overall Governance progress over the past decade is driven by all of the four categories: Safety and Rule of Law (being the best performing category), Participation and Human Rights, Sustainable Economic Opportunity and Human Development. The Index revealed that the continent’s Overall Governance trajectory remains...

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Trustco’s Sierra Leone venture unearths 476 carat diamond

Trustco Resources last week Friday announced that Meya Mining in which the diversified group holds 51% of the shares, discovered a 476 carat diamond at its mine in Sierra Leone. According to the official announcement Trustco made on the Stock Exchange News Service, this diamonds ranks as the 29th largest diamond to be unearthed. The remaining 49% shares are held by Germinate Sierra Leone, the original holder of the exploration licence. Trustco stated that the diamond was discovered in an area spanning from the Kamara Gbense to the Tankoro chiefdoms in Kono District, Sierra Leone. Meya Mining holds a...

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Savino Del Bene denies any role in Walvis Bay alcohol smuggling ring

Following a bust a fortnight ago and the subsequent destruction of alcohol worth N$10 million by Namibian customs officials at Walvis Bay, the company implicated in the scandal, this week made a statement denying all allegations of trading in illegal alcohol. In the meantime, the trading company, Savino Del Bene, has been fined N$59 million by the department of Customs and Excise. In an exclusive interview with the Economist, Savino Del Bene’s Managing Director, Mr Kobus Maree, flatly refuted rumours that the company is in anyway involved in these illegal activities saying that it had ceased trading through Walvis...

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Desert Lion anticipates phased development of former Rubicon lithium mine

Desert Lion, which holds a 100% interest in the Desert Lion Energy Lithium Project said that since acquiring the project they have completed approximately 4,500 metres of diamond drilling to test the lateral and depth continuation of the Rubicon extensions and of satellite bodies immediately surrounding the historic mine site. The past producing lithium mine as well as the surrounding 301 km2 prospecting area is located near Karibib in the Erongo Region. In a recent update, the company said intersections to date that have been explored cover depths from 1 to 9 metres, all with significant lithium mineralisation of...

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Windhoek Oktoberfest beckons – Brewmasters to quench your thirst

The annual Windhoek Oktoberfest which is in its 59th edition is ready to host another eventful celebration of culture, and appreciation for diversity with an exciting programme this coming weekend on Friday 27, and Saturday, 28 October. The Sport Klub Windhoek (SKW) will be the host to more than 5000 people that attend the event every year. According to member of the Windhoek Oktoberfest organising committee, Christin Obst, this year’s event, as per the norm promises to deliver the rich cultural experience in fun and entertainment it has become known for “We have a second band in store for...

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Investors baulk at putting up local factories due to electricity risks

Namibia’s over-reliance on imported electricity, this week claimed its first investment victim when a consortium of investors who attended the Investment Conference in November 2016, said they view the country in a very favourable light but after analysis of available energy data, the security of future electricity supply stands out as a major risk. Speaking to the Economist on the condition of anonymity, the consortium’s spokesperson said their investment team is looking for suitable investment destinations in southern Africa to expand their industrial manufacturing base. Namibia was one of the countries at the top of their list after they...

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