17-24 October 2024 Weekly Economics Wrap: Economic Highlights: Namibia’s Green Hydrogen Initiative, Tourism Surge, and Regional Financial Developments

17-24 October 2024 Weekly Economics Wrap: Economic Highlights: Namibia’s Green Hydrogen Initiative, Tourism Surge, and Regional Financial Developments

In the latest developments in Namibia's economic landscape, Cleanergy Solutions Namibia is poised to begin local green hydrogen production by early next year. This initiative, which hinges on the arrival of essential equipment by the end of 2024, is a collaboration between the Ohlthaver & List (O&L) Group and the Belgian shipping firm Compagnie Maritime Belge, specifically through its CMB TECH division. This move signals a significant step towards sustainable […]

October 24, 2024 19

Business / Economics

S.A Union Welcomes Inflation Drop, Urging Reserve Bank to Lower Repo Rate

S.A Union federation Cosatu has welcomed the drop in consumer inflation from 4.4-to 3.8-percent, saying it offers relief to struggling workers. Spokesperson Matthew Parks is urging the South African Reserve Bank to reduce the repo rate by at least 50 basis points to ease debt burdens. He also calls for government intervention to stabilise Eskom and reduce fuel prices:

October 24, 2024 24

Business / Economics

Central Procurement Board Awards Over N$3.2 Billion in Projects

The Central Procurement Board has awarded 164 projects totaling more than N$3.2 billion during the first half of the year. At a media briefing in Windhoek, it was disclosed that 91 projects are progressing well, while 16 are significantly delayed, three have been terminated, and 31 are awaiting status updates. Acting Executive for public procurement management, Immanuel Kambinda. The |Khomas Region received the highest contract value at over N$4 billion, […]

October 24, 2024 17

Business / Economics

September Sees Global Interest Rate Cuts to Stimulate Economic Growth

September was a significant month in the global financial landscape, with major economies such as the United States, European Union, China, South Africa, and Namibia implementing interest rate reductions. These cuts came after a prolonged period of low economic growth and were largely anticipated by markets as a strategy to stimulate economic activity and lower borrowing costs. Almandro Jansen: Simonis Storm Economist.

October 24, 2024 17

Business / Economics

24 October 2024 Biz News: Coastal Tourism Thrives Amidst Global Economic Shifts: A Look at September 2024’s Key Developments in Namibia and Beyond

In September 2024, the coastal region witnessed a remarkable surge in tourism activity, achieving an impressive occupancy rate of 74.45%, the highest recorded in the country. This growth has been attributed to a variety of social, sporting, and leisure events, such as annual marathons and regional festivals, according to The Brief publication. The influx of visitors not only boosted local businesses but also underscored the region's potential as a vibrant […]

October 24, 2024 11

Business / Economics

SA’s inflation drops to 3.8-percent

South Africa's inflation rate fell to 3.8 percent last month, down from 4.4 percent in August, marking the lowest rate since early 2021 mainly due to lower transport costs as fuel prices dropped by nine percent from last year. Statistics South Africa’s Patrick Kelly.

October 23, 2024 21

Business / Economics

FlySafair launches first regional route between Cape Town and Windhoek

FlySafair has officially launched its first regional route, connecting Cape Town, South Africa, to Windhoek. The new flights will operate twice a week, on Tuesdays and Saturdays, addressing growing demand on the route, which has yet to recover fully to its pre-COVID-19 passenger volumes which currently stand at 83%. The new route is expected to boost tourism and improve travel links between Namibia and South Africa. Namibia Airports Company Chairperson, […]

October 23, 2024 21

Business / Economics

Development Bank of Namibia and One Economy Foundation sign deal

The Development Bank of Namibia and the One Economy Foundation have signed a partnership to promote sustainable economic growth, youth empowerment, and community development. The collaboration focuses on mentorship, capacity building, and enterprise development, with a special emphasis on supporting youth, women, and rural entrepreneurs. Development Bank of Namibia CEO, John Steytler.

October 23, 2024 20

Business / Economics

Swakop Uranium Contributes Over N$7.9 Billion to Namibian Economy in 2023

Swakop Uranium's Husab Mine significantly boosted the Namibian economy in 2023, contributing over N$7.9 billion through local procurement, taxes, and social investments as per The Brief. The company has created more than 6,000 jobs, engaging with over 400 local suppliers, with 62% of its spending directed towards Namibian-owned businesses. The report highlights Swakop Uranium's alignment with the country's National Development Agenda and the Global Sustainability Goals, according to Eliphas Hawala, […]

October 23, 2024 10