Category: Business

The Namibian economy is expected to record a growth rate of 2.7 per cent, compared to an upbeat growth of 4.6 per cent recorded in 2022 and 3.5 per cent the prior year.

According to Agribank’s 2023 Quarterly Economic Outlook for the first quarter, the 2023 growth rate is attributed to increases in the primary and secondary industries of 12.9 per cent and 3.3 per cent, respectively.

“The acceleration was observed across all major sectors, particularly the mining sector as diamond production rise, it said.

In 2023, primary industries are expected to remain resilient on the back of the ongoing oil exploration and appraisal activities and robust growth from diamond production from the Benguela Gem mining vessel.

The document availed here, further read that central banks are vigorously fighting inflation; after a long period of price stability, elevated inflation is becoming worrisome for Namibia, unduly affecting low-income households and threatening food security.

Additionally, pandemic-induced inflationary pressures, with demand recovering quickly and supply lagging amid continued disruptions in supply chains, have been persistent, it said.

“While, the country is still dealing with the scars of COVID-19, soaring food and energy prices coupled with renewed supply shocks caused by the war in Ukraine have driven a surge in inflation and pushed up short- and medium-term inflation expectations,” it indicated.

The rise in interest rates by the Bank of Namibia from 3,75 per cent to 7,0 per cent, was prompted by rising inflation and increasing global interest rates, particularly, in South Africa (SA) to maintain the peg.

This translated into a 350 basis points increase in the Repo rate between January 2022 and February 2023.

The document further noted that the upward price pressures will likely ease due to aggressive monetary tightening and slowing demand, but inflation is still projected to remain elevated in 2023 and is expected to average 5.3 per cent in 2023.

Namibia imports most of its inflation and due to the persistent rise in inflation in both SA and Namibia, the Central Banks now find themselves at a crossroads where economic prospects have weakened while inflation is not yet fully under control and fiscal challenges remain, it read.

Source: The Namibian Press Agency

Prime Minister Abiy Ahmed and First Lady Zinash Tayachew have hosted the annual Easter meal in Addis Ababa at Unity Park for the elderly and individuals from low income households.

Ethiopian Christian faithful across the nation are celebrating the unique Ethiopian Easter holiday today.

As part the the holiday, Prime Minister Abiy Ahmed and First Lady Zinash Tayachew hosted the annual Easter meal at Unity Park for the elderly and individuals from low income households.

In his best wish message he extended to Ethiopians, the premier noted that Easter is a celebration of reconciliation and forgiveness.

Noting that the country is on the eve of resurrection, he underlined that there is no doubt that the prosperity of Ethiopia will be realized and the resurrection of Ethiopia will be realized.

Similarly, Ethiopian Christian Religious fathers have urged the faithful to maintain the unity of the country through reconciliation and support the needy people.

Ethiopian Orthodox Christians celebrate Easter anywhere from a week to two weeks after the western Church.

On Easter Eve, Ethiopian Christians participate in an hours-long church service that ends around 3 a.m., after which they break their fast and celebrate the risen Christ.

Source: Ethiopian News Agency

Traders, tourists and general commuters in the Lake Victoria basin have a new lease of life following the reintroduction of a brand new water bus plying Kisumu Pier – Kendu Bay – Homabay all the way to Kagwa beach.

The renewed water transportation has greatly boosted passenger operations to the lakeside city of Kisumu after a long break lasting over a decade.

Farida Salim, Kisumu County Executive Committee Member of Trade, Tourism, Industry and Marketing said they have partnered with the Waterbus group on lake tourism to promote leisure activities alongside its mass transportation program.

Salim said the initiative will open up the huge trade potential which is yet to be fully exploited by member countries in the East Africa Community region.

She added that the reintroduction of the Waterbus Lake transport could not have come at a better time as partner states continue addressing challenges frustrating the movement of goods and services across the common borders.

Philip Otieno, a merchandise trader hailed the new water transport which has enabled him to do brisk business between the two destinations in a short period compared to the past.

‘I’m happy that my business is now booming and I am able to get new clients thus expanding my network,’ Otieno said soon after disembarking from the waterbus at Kendu.

Jane Okidi expressed satisfaction after discovering new aesthetic beaches and sceneries during the trip.

By promising to offer lots of fun galore, the leisure Water Tours Cruise has unveiled exciting Easter holidays offers to give families treats and it will be blended with the Kisumu County Fish Fiesta 2023.

‘The package is inclusive of entertainment by live bands, lunch at the waterfront resort, snacks and refreshments as well as Return cruise,’ the Water Bus Management posted on their website.

The water bus is a RoPax ferry that combines the features of a cruise ship and night cabins combined with roll-on/roll-off and passenger design.

Stakeholders have expressed their joy pointing out that it will promote brisk business and open new opportunities to various fishermen dotting the shores of Lake Victoria.

Those interviewed by KNA said the noble move has reignited fervent hopes among the fisher folks who exuded confidence that their catch will be transported safely and fast to the respective markets in a few hours and maximize their profits.

The one-and-a-half-hour journey which begins from Kisumu Pier near the former Lwang’ni beach to Kendu Bay begins at 6.30 AM with a paltry Sh. 250/- transport charged on passengers.

Following its successful relaunch on February 26th, 2023 the water bus has been able to conduct guided educational trips for learners from several institutions and they have also offered free rides to 1,000 commuter passengers.

‘We do school tours within the Winam Gulf in Kisumu between 10 am -2pm,’ one of the water bus management officers explained.

The only insured operator in Lake Victoria, the water bus boasts of a unified crew, CCTV cameras on the vessel, free phone charging ports for the passengers and clean lavatories.

The water bus CEO Fredrick Neser and Business Development Manager Annie Ng’ang’a have assured the residents that they will continuously strive to offer safe, reliable, fully compliant and professional ferry service on Lake Victoria.

Source: Kenya News Agency

State Department for Arid and Semi-Arid Lands Principal secretary Idris Dokota has said that the government is working to change policies and approach to drought in the country from responsive to prior planning so as to create permanent solutions to recurring droughts in the country.

Dokota said that the government will not keep on distributing relief food and water tracking year in year out, and that proper prior planning must be done so that good policies are created to sustain the people throughout dry seasons.

The PS who was speaking at Dukanotu Primary School in Tana River County during a relief food distribution exercise to drought affected persons said that the government will invest in water infrastructure by innovating ways of harvesting rainwater, construction of mega dams and drilling of boreholes.

‘What we have been doing is responding to emergencies which is a short term plan while drought has been with us for years. The government is going to find a way on how to plan in advance to tackle drought situations so that we will not just wake up to respond to emergencies,’ Dokota said.

‘Our main problem has been lack of water. If we solve the water problem, we will have solved 60 per cent of the economic problems of our people,’ he added.

The PS said that the government will be distributing 3,600 bags of rice and 2,000 bags of beans to all affected persons across all the sub counties of Tana River, adding that the government is also introducing a school feeding programme to make sure that all children who are supposed to be in schools remain in school.

Tana River County is at an alarming stage with at least 158,000 people in dire need of relief food while malnutrition rate for children is at 25 per cent.

Area Deputy Governor Mahat Loka on his part said that the county government is working closely with other government institutions and non-governmental organizations to help the vulnerable families and reduce the hunger pangs of their people.

Also present was Bura MP Yakub Adow, County commissioner Thomas Sankei, Tana River County Coordinator for the National Drought Management Authority (NDMA) Abdi Musa among other officers.

Earlier this week, Defence Cabinet secretary Aden Duale while speaking in Garissa said that the government has so far spent Sh13 billion to buy and distribute relief food to Kenyans who have been affected by the drought and are in dire need of relief food.

The latest report by the Kenya food security steering group shows that the number of Kenyans affected by drought and hunger has gone up from 4.2 million to 6 million. The NDMA in its January 2023 bulletin paints a worrying picture in 23 counties that have been classified as either in the alarm or alert phase of the drought.

Counties on the alarm phase include Kilifi, Mandera Marsabit Samburu, Turkana Wajir, Isiolo, Kitui, and Kajiado, while 13 counties Garissa, Lamu, Narok, Tana River, Makueni, Tharaka Nithi, Baringo, Laikipia, Meru, Taita Taveta, West Pokot, Nyeri and Kwale are in the alert drought phase.

Source: Kenya News Agency

The National Reserve Bank of Angola (BNA) warned on Friday, in Luanda, that the entity “Investimento.ao” is not allowed to carry out any financial activity in Angola, such as monetary application.

The BNA warns the commercial banks and the population in general to abstain from any business relationship with the aforementioned entity, because it is performing activities illegally.

“The entity Investimento.ao is not allowed to exercise any financial activity subject to supervision in Angola, namely, the provision of financial services, deposits and monetary applications”, said the note published by the BNA.

According to the BNA, such activities are exclusively reserved to authorized banking financial institutions, whose list can be found on the web page of the Central Bank, at www.bna.ao.

Thus, the Central Bank of Angola also warns the promoters of this entity to refrain from any act that may be qualified as a very serious offence, provided and punishable under current legislation.

The National Reserve Bank of Angola, within the scope of its duties as supervisor of the Angolan financial system, is responsible for authorizing and supervising the activity of financial institutions.

Source: Angola Press News Agency (APNA)

World Bank (WB) President, Malpass emphasized the Bank’s strong support to Ethiopia, including budget support in the form of grants and highly concessional credits as the Government of Ethiopia is implements a robust reform program to restore macroeconomic stability and poverty reduction.

This was disclosed after the bank’s President David Malpass met with Ahmed Shide, Finance Minister of Ethiopia.

In his conversation with the Finance Minister Ahmed Shide, President Malpass discussed the progress achieved by Ethiopian authorities in the implementation of the November 2022 peace agreement.

President Malpass emphasized the “World Bank Group’s strong support to Ethiopia, including budget support in the form of grants and highly concessional credits as the Government implements a robust reform program to restore macroeconomic stability and poverty reduction.”

President Malpass encouraged further steps toward durable peace and prosperity for all Ethiopians.

President Malpass and Minister Shide spoke extensively about the challenging global outlook for developing countries and Ethiopia’s urgent need to restore macroeconomic stability.

The President also emphasized the benefits of rapid and decisive policy reforms amid the challenging context of drought, internal conflicts, debt distress, and compounding structural challenges.

He further urged the government to remove macroeconomic distortions which will help slow inflation and unlock investment.

It is important to move away from a state-driven economic model, and to enhance the business enabling environment, allow for more competition in the financial sector, and facilitate private-sector led growth, Malpass stressed.

Noting slow progress in the implementation of the G20 Common Framework, President Malpass urged a rapid agreement of official bilateral and private sector creditors on a debt treatment for Ethiopia.

Source: Ethiopian News Agency