Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers

Bank of Namibia reduces repo rate to 7.25%, offering relief to consumers

The Bank of Namibia has announced a 25 basis point reduction in the repo rate, bringing it down to 7.25 percent. This decision follows an extensive review of domestic, regional, and global economic conditions. Speaking at the monetary policy announcement, BoN Governor Johannes !Gawaxab emphasized the need to moderate monetary restrictions due to slowing economic growth and declining inflation. "Domestic economic activity rose during the first eight months of 2024, […]

October 16, 2024 19

Business / Economics

Bank of Namibia symposium highlights agriculture’s growth potential

The Bank of Namibia concluded its 25th Annual Symposium in Windhoek today, focusing on the theme, "Global Value Chains for Inclusive Development: How Can Namibia Position Its Agriculture Sector?" The event brought together experts and stakeholders to discuss strategies for strengthening Namibia's agricultural sector to drive inclusive growth. BoN Governor Johannes !Gawaxab, in his address, highlighted the critical role of agriculture in Namibia's economic development. He referenced a recent World […]

September 19, 2024 50

Business / Economics

New Bank of Namibia bonds expected to improve financial access

The Bank of Namibia is preparing to introduce the country’s first retail bonds, allowing low to medium-income earners to invest in government debt. According to Max Rix, Head of Investments at Simonis Storm Securities, this initiative could broaden financial inclusion and promote financial literacy among Namibians.

August 29, 2024 111

Business / Economics

May vehicle sales increase by 7.5%

Vehicle sales reached 966 units in May, marking a 7.5% month-on-month increase from the 899 units sold in April 2024. However, this figure represents a slight decline compared to the 982 units sold in May 2023. Commercial vehicles continue to drive sales in the market, according to Simonis Storm Economist, Halleluya Ndimulunde.

June 17, 2024 41

World

UK’s Sunak to unveil tax-cutting manifesto

By James PHEBY British Prime Minister Rishi Sunak will promise voters "financial security" and tax cuts when he unveils his Conservative party manifesto on Tuesday, following a disastrous week that even led to rumours he might quit. "We Conservatives have a plan to give you financial security," he will say, according to extracts of his speech released in advance. "We will enable working people […]

June 11, 2024 6

Local

Partnering for prosperity: Nedbank Namibia’s commitment to strengthening Namibia’s agriculture sector

Namibia's agricultural sector is a cornerstone of its economy, yet it faces a myriad of challenges that threaten its sustainability and growth. Agriculture contributes over 8% to Namibia’s gross domestic product (GDP), with about 70% of the population dependent on it for income and food security. Additionally, agriculture is the largest employer in the country, accounting for over a fifth of the local workforce. Despite its economic significance, the […]

June 10, 2024 7

Local

Small businesses big impact: Boosting SMEs to drive economic growth

In the face of a recovering economy, soaring inflation, and high interest rates, small business owners in Namibia are navigating challenging times. Now more than ever, supporting Small and Medium Enterprises (SMEs) is imperative, given their significant contribution to the Namibian economy. It is estimated that there are over 40 000 SMEs in Namibia, supporting the livelihoods of more than 200 000 people and contributing approximately […]

May 28, 2024 11

Namibia

The role of regulatory investigations in the ICT industry

As Namibia joins the Fourth Industrial Revolution (4IR), the Information and Communication Technology (ICT) industry starts to have a significant impact on the country’s economy, promoting equality of opportunity, industrial development, economic growth, and poverty eradication. The Namibian government has put laws in place to encourage the growth of ICT due to its importance to economic development. Through the Communications Regulatory Authority of Namibia (CRAN), the Ministry […]

May 22, 2024 25

South Africa

Over 26 million South Africans get a social grant. Fear of losing the payment used to be a reason to vote for the ANC, but no longer – study

By Leila Patel, University of Johannesburg and Yolanda Sadie, University of Johannesburg Social grants to reduce poverty feature prominently in the campaign promises of political parties in South Africa’s 2024 national and provincial general elections, set for 29 May. The country’s social grants system is one of the largest in Africa in terms of number of beneficiaries. Research shows that this has helped reduce poverty. […]

May 15, 2024 14