Economy

Economy (712)

The Bank of Namibia (BoN) is among five Central banks expected to raise interest rates in the coming weeks to tame inflation pressures that threaten to become entrenched according to a Bloomberg report.

President Hage Geingob has reassured global investors that Namibia is open and safe for business.

Namibia’s inflation could reach a high of 10.4% in 2022 if Brent crude prices increase to more than US$140 per barrel due to the Russia-Ukraine conflict and the average Rand exchange rate weakens beyond R15.30 against the US dollar, Simonis Storm has warned.

President Hage Geingob said his government will implement measures to ensure that the country’s natural resources – particularly newly found oil in the south of the country – benefit every citizen.

Namibia’s economic performance has evolved over time to reflect developments in the real sector. Although growth that averaged 3.3% per year since 1990 is a welcome observation, it has not been without drawbacks. 

President Hage Geingob says communities must also own shares in companies that operate in their areas, in as much as they pay loyalties and taxes, and create employment.

The Ministry of Finance is pushing ahead with structural changes at the Central Procurement Board of Namibia (CPBN).

The City of Windhoek (CoW) has officially closed down taps providing free water to residents living in informal settlements.

Mines and Energy Minister Tom Alweendo says Namibia’s recent oil discovery will not immediately translates into economic development.

Namibia’s annual inflation outlook for 2022 has been revised upwards to an average of 5% from the initial estimate of 4.7% due to rising global oil prices triggered by the ongoing Ukraine, Russia conflict, with price hikes forecasted.

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