Namibian financial systems remain stable amidst challenging economic environment

The Namibian financial system remains stable, sound and resilient amidst a challenging global and domestic economic environment.

This is according to the Bank of Namibia (BoN) Governor, Johannes !Gawaxab who stated that the total assets for the banking sector grew by 5.3 per cent to N.dollars 173.2 billion in the first quarter of 2023 compared to 17.8 per cent in the last quarter of 2022.

!Gawaxab in a media statement on Tuesday said the assets for the sector were driven by cash and balances at banks, as well as net loans and advances.

“The liquidity ratio of the banking sector stood at 19.1 per cent during the first quarter of 2023, from 17.8 per cent in the last quarter of 2022, due to diamond sales, government spending, capital inflows and subdued private sector credit extension,” he said.

He added that the banking sector maintained adequate capital levels to meet the regulatory requirements and absorb potential losses.

“There was however, a marginal decline in the Return Equity and Return on Asset ratio, indicating reduced profitability due to decrease in both interest and non-interest income earned by the banking sector,” he said.

Contrary to the robust growth of 4.6 per cent observed in 2022, the domestic real Gross Domestic Product (GDP) growth is projected to moderate to 3 per cent in 2023 and is expected to slow down further to 2.9 per cent in 2024.

“Moreover, the assets held by the Non-Bank Financial Institutions (NBFIs) increased by 4.3 per cent on a quarterly basis to N.dollars 381 billion during the first quarter of 2023,” !Gawaxab said.

The increase, he noted was mainly due to growth observed in the long-term insurance and retirement funds sub-sectors. Retirement Funds (RFs) remained solvent with a funding position at 101.2 per cent, thus remaining above the prudential limit.

“The return on investments of the retirement fund increased to 4.6 per cent in the first quarter of 2023 from 3.9 per cent recorded in the last quarter of 2022, recovering from the bearish first three quarters of 2022,” he said.

Source: NAMPA

Women and girls make up 51 per cent of Namibian population: UNFPA

While women and girls make up 49.7 per cent of the global population, they make up 51 per cent of the population of Namibia, however, their desires are not always prioritised, due to gender discrimination which is at the basis of the problem.

This was said by Gift Malunga, UNFPA Country Representative, on the occasion of World Population Day and the launch of the State of World Population Report 2023 on Tuesday at Mariental in the Hardap Region.

According to Malunga, 32 per cent of Namibian women between the ages of 15 and 49 have experienced physical violence from an intimate partner at some point in their lives, and 6 per cent have experienced violence during pregnancy.

She added that 15 per cent of women who have experienced violence never sought treatment or exposed the assault to anybody.

Meanwhile 18.4 per cent of children have undergone child marriage whereas the adolescent pregnancy rate remains high at 19 per cent.

“These staggering statistics underscore the urgent need for collective action to address the structural inequalities that hold women back even in our own country Namibia, and create a more equitable society in order to achieve national targets and the Sustainable Development Goals,” Malunga said.

The commemoration of the day, she said, therefore, serves as a powerful reminder of the pivotal role that population dynamics play in shaping a nation’s development agenda.

“Similarly, we celebrate the limitless potential that gender equality holds as we strive to address barriers, amplify voices, and unlock a world of infinite possibilities for generations to come,” she said.

On his part, Governor of the Hardap Region, Salomon April said that Namibia recognises gender equality as a fundamental human right and an integral part of the economic growth and social development of Namibia.

“The realisation of gender equality, human rights of women and girls and the empowerment of women is a national priority for our country as it is clearly indicated in the Constitution of the Republic of Namibia,” April said.

Government has formulated plans, policies and programmes and these continue to be implemented with the aim of improving the lives of the Namibian people such as Vision 2030, the National Development Plans and Harambee Prosperity Plans to inspire unity in the face of diversity of the people of Namibia, he added.

Source: NAMPA

Otjozondjupa residents gather for their 2023 SoRA

Hundreds of residents in the Otjozondjupa Region on Wednesday gathered at Otjiwarongo for their 2023 State of the Region Address (SoRA).

Governor James Uerikua delivered the SoRA at the Otjozondjupa Regional Council Chambers where more than 200 community members and various heads of Government ministries, local authority and traditional authority councils were present.

Uerikua at the event highlighted the road network development activities taking place in the constituencies, settlements and towns of the region.

He then talked about the completed capital projects under the regional council and those of the different directorates of agriculture, lands, forestry, safety and security as well as the war veteran affairs.

Uerikua further commended the governments of Botswana and Namibia on the repatriation underway of the Herero descendants who fled Namibia to Botswana during the Herero-Germany genocide wars of 1904 to 1908.

Uerikua expressed his gratitude to the local authority councils of Okahandja, Okakarara, Otjiwarongo, Otavi and Grootfontein for their town land servicing programme and on the actual construction of houses for the residents.

“Efforts being put to combat crime activities in the region are also applauded,” he said.

Uerikua also mentioned several challenges faced by different Government ministries and agencies in fully delivering services to the people of the region here.

Amongst other challenges, Uerikua singled out affordable housing provision to be a huge challenge due to the cost of capital needed to execute, as well as on the effective issuance of national identification documents and resettling residents on Government acquired farms in the region.

The SoRA was organised by the Otjozondjupa Regional Council at its special council meeting.

Source: NAMPA

Mushelenga says media houses should rise above sensationalism and prioritise accuracy

Government remains committed to upholding media freedom, protecting journalists’ rights, and ensuring their safety, the Minister of Information and Communication Technology said on Wednesday.

For the past 33 years, Peya Mushelenga said, the government has made sure that journalists can work without fear or intimidation, for it is through the editors’ work that their voices are amplified.

Mushelenga was speaking at a breakfast meeting with the country’s editors and senior journalists in the capital to symbolise the crucial partnership between Government and the media, built on transparency, responsibility and the shared commitment to serving the public interest.

Last year, the ministry enacted the Access to Information Act to give impetus to the work of journalists.

This piece of legislation, according to the minister, enables everyone, including the media, to access information from any institution, private or public.

“The regulations supporting this legislation are being finalised and they will be published on various platforms for your input,” he revealed while encouraging editors to participate in this vital process.

Reiterating the importance of responsible journalism in a rapidly evolving world, Mushelenga said media houses are not just news purveyors, but are also custodians of truth.

“The public relies on your ability to present facts accurately, verify information rigorously and maintain high ethical standards,” he stated.

The minister underscored the need of a sense of responsibility, accountability and distinction in the course of informing the public, noting that this builds confidence among recipients of information.

He further said that in this digital age, where information travels across borders instantly, collaboration and responsible reporting are vital.

Editors as gatekeepers, have the power to bridge divides, foster understanding and promote unity in an increasingly interconnected world.

“We should, as we must, work together to rise above sensationalism, yellow press and exploitative journalism. We must pursue the truth wherever it leads us and prioritise accuracy above profit,” he added.

On his part, MICT Executive Director Audrin Mathe presented to the editors the ministry’s Communication Strategy.

The strategy is designed to benefit the whole of government and stresses the importance of being open in public duties and aware of the expectations of citizens and stakeholders, he said.

Source: NAMPA

Green Legacy Playing Key Role in Conserving Plant Species, Restoring Damaged Ecosystem: Reseracher

The Green Legacy Initiative, which was launched 5 years ago, has been playing a crucial role in conserving plant species and restoring the ecosystem damaged due to various challenges, a forest conservation researcher at the Ethiopian Biodiversity Institute told ENA.

The researcher, Sisay Alemu, said that more than 25 billion saplings have been planted in the country with the participation of the public during the stated period.

This wouldn’t have been possible without the enthusiasm and active participation of the people, he added.

It is this feeling that has encouraged the government to launch the second phase of tree planting program through which 500 million seedlings are expected to be planted in a single day.

According to him, the ongoing initiative is one of the mechanisms that the institute has been employing in its efforts to preserve plant species and restore ecosystem damaged due to various challenges in the country.

The researcher appreciated the commitment of the community in protecting and caring for planted trees.

“Although the Green Legacy is a government initiative, the society has embraced it and is contributing enthusiastically to the development of the country and fighting climate change,” he noted.

Planting a tree is of great importance for the development of the country and it should be expanded in all areas, Sisay stressed.

The trees planted have not only made the country green, but are also of food and medicinal values, he added.

The researcher enumerated uses of the trees being planted, including touristic attraction.

Furthermore, he raised about the global climate challenge many governments are trying to tackle through green legacy programs that alleviates the problem.

Source: Ethiopian News Agency

Ministers Appreciate Productivity, Job Creation and Green Legacy Activities of Harari Region

Ministers have lauded the encouraging results registered in enhancing productivity, job creation, and green legacy in the Harari regional state.

Peace Minister, Binalf Andualem, and Planning and Development Minister, Fitsum Assefa, have visited various development activities in the Harari region.

Among the development works the ministers visited included “Yeleemat Terufat”, job creation, Green Legacy, and usage of underground water.

Binalf said on the occasion that the efforts being exerted in all development activities to enhance productivity are encouraging.

The attention given to utilization of underground water to produce throughout the year is impressive.

Encouraging results have also been witnessed with regard to poultry and dairy development that are associated with “Yeleemat Tirufat”, he noted.

According to him, good results have also been achieved in protecting peace in coordination with security institutions.

Voluntary activities by the youth in repairing houses of vulnerable elderly people and other are well in progress, Binalf stated.

Planning and Development Minister, Fitsum Assefa said that the activities carried out in boosting agricultural productivity, job creation, and stabilizing inflation are encouraging.

She stated that the region has done well in planting tree through the Green Legacy initiative over the past 4 years.

Fitsum added that the region is well prepared to fulfill its responsibility with regard to planting 500 million seedlings in a day.

She further appreciated the small poultry farms in backyards of some inhabitants as they are crucial in alleviating inflation.

Source: Ethiopian News Agency