Category: Business

Vice president, Nangolo Mbumba, on Thursday reiterated that Namibia is open for business and that interested investors should take up available opportunities.

Mbumba made these remarks at the US-Africa business summit held in Gaborone, Botswana, under the theme; “Namibia-becoming the sustainable energy capital of Africa.’

Mbumba stated that Namibia’s energy sector has seen considerable advancements in recent times.

“In realm of oil and gas, the discovery of vast reserves by international companies TotalEnergies and Shell has catalysed a new dawn for our country,” Mbumba said, adding that these reserves, once fully appraised and eventually developed, will contribute meaningfully to our economy and will form a cornerstone in the country’s strategy to alleviate unemployment and income inequality.

Moreover, he stated that with regards to renewable energy, Namibia’s unique geographical attributes place Namibia at a significant advantage above many other countries, explaining that Namibia has 300 days of sunshine annually and is blessed with constant winds.

‘With the signing of the feasibility implementation agreement with Hyphen Hydrogen Energy to produce green energy hydrogen, Namibia is effectively harnessing our natural resources to contribute not only to regional energy equity, sustainability and security, but also to the decarbonisation of our planet,’ Mbumba said.

Source: The Namibian Press Agency

There is a need for greater innovation and market development to broaden insurance uptake in Ethiopia, Deputy Governor of National Bank of Ethiopia (NBE) Solomon Desta said.

Opening the conference held in Addis Ababa today with the theme ” Innovation for Resilience – Shaping the Future of Insurtech in Africa” Solomon said “We recognize the importance of innovation in addressing the challenges faced by the insurance industry.”

“In Ethiopia, there is a need for greater innovation and market development to broaden insurance uptake. Despite the recent history of financial sector liberalization and reform, the insurance industry in Ethiopia remains relatively underdeveloped.”

In light of Ethiopia’s significantly low insurance penetration, a new approach to insurance and market development is needed to catalyze greater uptake by consumers and to enable the formal market to tap into latent demand, he further elaborated.

The NBE is working towards setting up an independent insurance regulatory body, focusing on encouraging the insurance industry, he further pointed out.

Through this event, he said we aim to encourage collaboration, knowledge sharing and the adoption of innovative practices that will deliver the sustainable growth and expand access to insurance services for all Ethiopians.

Similarly, CEO of FSD Ethiopia, Ermias Eshetu said that the event presents an opportunity to showcase Ethiopia’s insurance sector and contribute to the advancement of the broader African insurance landscape.

By embracing innovation, fostering strategic partnerships, and creating an enabling regulatory environment, we can collectively drive positive change and enhance societal resilience, he noted.

FSD Ethiopia is dedicated to the achievement of accessible inclusive and sustainable financial markets that support Ethiopia’s long-term development goals, it was indicated.

Accordingly, the conference aimed to foster growth, facilitate strategic partnerships, and establish an enabling regulatory environment that supports the advancement of the insurance sector in Africa.

Financial Inclusion Specialist from FSD Africa Elias Omondi said for his part that FSD Africa works to catalyze innovation within the market.

“As FSD Africa, what we do is to catalyze innovation within the market, we want to see the insurance penetration in Ethiopia grow beyond 0.5 percent, we want to see those particular women that have no insurance get access to insurance, and the smallholder farmers get access to affordable solutions.”

Africa which is the most exposed continent is arguably the least protected in terms of insurance and that basically indicates there is a lot of work that we need to do as a continent, he noted.

Source: Ethiopian News Agency

Ethiopia and Germany signed a 25 million euros grant agreement today to support the improvement of critical rural value chains in the agricultural sector.

State Minister of Finance Semereta Sewasew and Director for Eastern Africa and African Union KfW Group KfW Development Bank, Christoph Tiskens signed the agreement.

The Project namely “Strengthening Rural Value Chains in Ethiopia” is aimed to support the improvement of critical rural value chains in the agricultural sector in East Gojjam and Arsi Zones in Amhara and Oromia Regional States, respectively.

The purpose of the project is to implement climate smart and ecologically sustainable increase of agricultural productivity and market access for high potential rainfed farming systems in the targeted project areas, according to Finance Ministry.

The project targets the improvement of the agro-ecological potential for rainfed agriculture, especially cereal and legume production: access of farmers to inputs and improved capacities of Project Executing Agency (PEA) and Project Implementing Units (PIU).

Source: Ethiopian News Agency

The Unclaimed Financial Assets Authority (UFAA) has warned public and private institutions holding unclaimed assets that they risk hefty penalties if they fail to release the assets on time.

While revealing that an estimated Sh242 billion was yet to be released to the Authority, the agency said they will begin seizure of non-compliant companies to fast track surrender.

UFAA chairperson Kigo Njenga, speaking during a three-day public sensitisation forum in collaboration with Huduma Kenya and National Government Administration Officers (NGAO) in Thika, Kiambu County, warned that upon the lapse of a moratorium of up to October 31, 2023, the agency will obtain court orders to recover in full, interest and penalties accrued on non-remitted assets.

Currently, the agency holds Sh57 billion worth of unclaimed assets; Sh27 billion in cash and Sh30 billion worth of shares.

‘If the Sh242 billion is ploughed back into the economy, it might make a huge impact on the lives of its owners in this struggling economy,’ he said.

Under the law, unclaimed assets are supposed to be declared and surrendered to the agency and institutions and organisations that default risk a fine of between Sh7, 000 to Sh50, 000 for each day a report on idle assets is withheld or the duty is not performed.

The Authority’s CEO John Mwangi said more sensitisation forums will be conducted to educate Kenyans on how to get their unclaimed assets that lay unused with the agency.

He said they have been to Nyeri, Nakuru and now Thika and will move across the country to ensure Kenyans who owe these institutions get their money back.

On his part, Benjamin Kai Chilumo, the Huduma Center CEO said the institution will partner with UFAA to continue devolving government services to Kenyans.

Beneficiaries led by Joseph Gitai said he is lucky to get Sh200, 000 remitted from previous companies that he used to work in years ago.

He says he will put up some structures or buy a treasure in his house in Gatanga as a remembrance of the money that he never would have gotten.

‘This is a good initiative because some of us would never have remembered that they had unclaimed money. My Sh200, 000 will boost my life. I will buy something to remember the money that I almost lost,’ he said.

Source: Kenya News Agency

Ndasilohenda Katangolo-Nakashwa, a 37-year-old communal farmer from the Kunene Region’s Opuwo Rural Constituency, has won the 2023 Capricorn Foundation Food Waste Challenge.

She is the overall winner, receiving a N.dollars 100 000 cash prize from Capricorn Foundation, a N.dollars 50 000 brand package from Synergi, and six months of mentorship and coaching from Business Box Windhoek.

This announcement follows on the pitches made by the top five finalists on 22 June to a panel of judges.

Marlize Horn, Capricorn Foundation Executive Officer, stated during the ceremony on Thursday in Windhoek that Namibia suffers from severe hunger, ranking 78th out of 116 nations in the 2022 Global Hunger Index.

She said the Capricorn Foundation Food Waste Challenge was launched in April 2023 and called for innovative and sustainable solutions to create or expand self-sufficient social enterprises (businesses) to address the issue of food waste in Namibia and create employment for Namibians to combat these issues.

“The Capricorn Foundation remains committed to being a Connector of Positive Change and, apart from the winning solution and the many other innovative ideas that were submitted, the Food Waste Challenge provided a platform to create awareness of the issue of food waste and support social entrepreneurs in their potential to solve community-based problems and create jobs,” she said.

Katangolo-Nakashwa, the proprietor of Ndinandali Farm, stated that the farm’s goal is not only on profit but also on promoting food security and reaching the most vulnerable populations.

“The Capricorn Foundation Food Waste Challenge has been an amazing experience and I look forward to collaborating with the other finalists,” she said.

Ndinandali Farm, an agricultural venture dedicated to preserving nutritional value and extending the shelf life of fresh produce, has revolutionised marketing and distribution methods. Their dried vegetables, including spinach, tomato and cabbage, have become popular food staples in rural villages and towns.

Rikus Grobler, Capricorn Group’s Manager of Innovation and project coordinator of the challenge, expressed appreciation for the 152 submissions and encouraged their execution.

He praised the ideas focusing on sustainability, longer shelf life, nutritional preservation, and alternative protein sources for their potential to benefit Namibians. Grobler thanked participants and partners (Skild, Business Box, Namibia Media Holdings, Synergi and Gondwana Care Trust) and emphasised their contributions to the initiative’s success.

Source: The Namibian Press Agency

Ethiopia and Russia are exerting efforts to deepen their cooperation in trade and investment, Ambassador of Ethiopia to Russia Cham Ugala Uriat said.

Ethiopia and Russia have a long history of friendship and cooperation. In recent years, the two countries have been working to strengthen their trade and investment ties.

Ethiopia’s Ambassador to Russia, Cham Ugala Uriat, said that efforts are well underway to expand the deep historical friendship between the two countries into trade and investment sectors.

“Ethiopia’s agricultural export products, such as coffee and flowers, are currently imported to Russia by third parties via Europe,” he said.

“To tackle this problem, different diplomatic efforts are being made to strengthen cooperation in the fields of investment, trade, tourism, and science and technology.”

For example, Ethiopian Airlines has recently increased its weekly flights from Addis Ababa to Moscow from three to four. Efforts will also be made to start cargo service between the two countries.

The ambassador said that the diplomatic relations between Ethiopia and Russia have not wavered through the ups and downs of history.

He also said that Russia has played an important role in maintaining the sovereignty of Ethiopia and has been a crucial ally for the country’s freedom struggle.

“The historical friendship between the two nations continues today and is based on mutual trust and reciprocity,” the ambassador said.

In terms of cultural diplomacy and academic, some Russian higher education institutions are showing interest in providing scholarships and working closely with Ethiopian universities.

The ambassador expressed that fruitful discussions are expected to strengthen bilateral and multilateral diplomacy at the Russia-Africa summit to be held in Russia after a few weeks.

By deepening their trade and investment ties, the two countries can create new opportunities for economic growth and development. This is also a positive sign for Africa as a whole, as it shows that Russia is committed to strengthening its ties with the continent, he noted.

He also pointed out that the Embassy is working to strengthen relations with Ethiopia in the countries of Belarus, Armenia, and Moldova.

Source: Ethiopian News Agency