30 October 2024 Morning Biz News: Economic Update: Procurement Compliance Issues and Market Developments

Recent reports from the Institute for Public Policy Research reveal that only 43% of public entities in Namibia have submitted their annual procurement plans for the 2024/25 financial year. Of the 173 entities required to comply, just 75 had met the deadline by late October, raising concerns about significant delays at this midpoint of the fiscal year. This lack of compliance not only hinders effective resource allocation but may also lead to inefficiencies in public service delivery.

In South Africa, the Competition Tribunal has taken a stand against the merger between Vodacom and fibre infrastructure company Maziv, citing public interest concerns following a thorough 26-day hearing. Experts believe that combining Vodacom’s mobile operations with Maziv’s assets could be potentially harmful to the industry. This decision underscores the importance of safeguarding competitive practices in the telecommunications sector.

On a more positive note, Nigeria-based fintech company Moniepoint has successfully raised $110 million with the support of Google. This investment aims to expand digital payments and banking services across Africa. Initially focused on providing infrastructure for banks, Moniepoint is now branching out to offer personal banking solutions, demonstrating the growth potential within the fintech sector.

Meanwhile, global oil prices have steadied, with Brent crude rising by 21 cents to $71.33 a barrel, and U.S. West Texas Intermediate increasing by 22 cents to $67.43 per barrel. This stabilization follows unexpected drops in U.S. crude and gasoline inventories, rebounding after two days of losses amidst hopes for reduced tensions in the Middle East.

Latest Financial Indicators

• Namibia Dollar: 17.66 to the US$, 19.10 to the Euro, 22.97 to the Pound
• Gold: $2,772.17 per fine ounce
• Brent Crude: $71.42 per barrel
• Bitcoin: $1,277,765.93

These developments reflect ongoing challenges and opportunities within the economic landscape, highlighting the need for effective governance, competitive markets, and innovation in the financial sector.