MIDWEEK UPDATE☕ - ISSUE #10

BUSINESS

Summary of the Bank of Namibia's Monetary Policy(MPC) Decision for August 2023

Monetary Policy Decision: Repo Rate Unchanged at 7.75%

The MPC of the Bank of Namibia at its recent meeting held today has announced its decision to maintain the Repo rate at 7.75%. This decision comes after careful consideration of global, regional, and domestic economic factors. By keeping the Repo rate steady, the bank aims to sustain the peg between the Namibia Dollar and the South African Rand and provide support to the domestic economy.

Other Key Points from the Meeting

Economic Growth: Namibia's real GDP growth strengthened in the first quarter of 2023 and remained robust year-to-date. Various sectors, including mining, retail, trade, communication, and tourism, contributed to this positive momentum.

Inflation: While average inflation rose to 6.2% during the first seven months of 2023, the projection for overall inflation has been revised downward to an average of 5.6% for 2023. The main drivers of inflation were food and housing price increases.

Private Sector Credit Extension (PSCE): PSCE growth improved to 3.0% in June 2023, with increased demand for credit in the household sector. However, demand for credit by businesses decreased due to repayments.

Trade Deficit: Namibia's merchandise trade deficit narrowed by 18.6% in the first half of 2023, as export earnings outpaced imports, driven by uranium, diamonds, gold, and fish exports.

International Reserves: The stock of international reserves increased to N$54.2 billion, sufficient to support the currency peg and meet the country's international financial obligations.

Global Economic Outlook: Global economic activity improved during the second quarter of 2023, with growth projected to moderate to 3.0% for the year. Inflation pressures have generally subsided, leading to various central banks adjusting their policy rates.

The next MPC meeting is scheduled for the 23rd and 24th of October 2023.

For more detailed information, you can refer to the official statement on the Bank of Namibia's website.

Namibian Company to Cultivate Grapes, Citrus, and Avocado in Ambitious N$600 Million Project

Get ready for a sweet agricultural revolution in Namibia! Kunene Grapes and Citrus Et Al (Pty) is embarking on an exciting N$600 million venture to grow grapes, citrus, and avocados across a vast 670-hectare plantation in north-western Namibia.

What makes this project truly unique is its location in the communal area of Otjomaungu village, within the Epupa constituency. This area, inhabited by the traditionalist Himba and Zemba people, is set to receive a significant economic boost. The project's development will take place in phases, with the initial phase creating 350 permanent jobs, while seasonal workers will be employed as needed.

Company Director Uushona Shiimi explains that this project marks the first grape endeavor north of the cordon veterinary fence. Previously, commercial farmers primarily cultivated grapes in the south along the Orange River. However, the Kunene region's climate promises a three-week marketing advantage over other areas due to faster grape ripening.

Kevin Thembikozi, a partner in the business, highlights that the venture's success hinges on various statutory approvals, including water drawing rights from the Kunene River and an Environmental Scoping / Impact Assessment (EIA) study.

Once established, this project is set to stimulate local industries, diminish urban migration for employment, and offer economic independence for the region. With plans to build a juice-making factory and contribute to both local and European markets, Kunene Grapes and Citrus Et Al's ambitious effort is a promising step towards Namibia's agricultural growth and self-sustainability.

CREDIT: THE NAMIBIAN

Namibia Wildlife Resorts Presents a 50% Safari Adventure Discount on Select Resorts

Namibia Wildlife Resorts (NWR), the state-owned entity, has exciting news for adventure seekers and nature enthusiasts! NWR is extending a generous 50% discount at various selected resorts, including Ai-Ais Hotsprings and Spa, Hardap Dam Resort, Gross Barmen, Popa Falls, Namib Naukluft, and Waterberg.

The aim of this initiative is to invite more locals and Southern African Development Community (SADC) tourists to explore the country's beauty. With prices starting as low as N$295, this opportunity runs from 1 August to the end of October.

The resorts offer an array of activities, from wine tasting to hiking, promising an enriching and comprehensive getaway. Nelson Ashipala, NWR's spokesperson, expresses the organization's enthusiasm for offering fellow Namibians this exclusive deal.

"Our resorts aren't just places to stay; they're gateways to explore and connect with the natural wonders of our beautiful country. With this special, we aim to make it easier for Namibians to indulge in their favorite hobbies and create unforgettable memories," says Ashipala.

This limited-time offer encourages the public to seize the opportunity for adventure, relaxation, and lasting memories with family and friends, all while enjoying significant savings.

Don't miss out on experiencing Namibia's treasures firsthand and take advantage of this exceptional offer.

CREDIT: THE NAMIBIAN

TECH

Nedbank Namibia Revolutionizes Commerce with Avo SuperShop Launch

Nedbank Namibia has introduced Avo SuperShop, an innovative digital commerce platform that brings businesses and customers together in a dynamic interconnected ecosystem. The launch, held at Grove Mall of Namibia’s Ster-Kinekor Cinema yesterday, generated excitement among media representatives.

Martha Murorua, Managing Director of Nedbank Namibia, explained, "Avo is a digital marketplace where every need is met, from buying essential goods, fashion, and appliances to making secure payments—a place where loyalty is not just appreciated, but tangibly rewarded through AvoPoints."

At its core, Avo SuperShop simplifies and enhances the shopping experience using sophisticated algorithms to match customer preferences with tailored offerings. Powered by advanced artificial intelligence, the platform bridges the gap between customers and businesses while ensuring secure transactions.

Avo’s multifaceted nature consolidates various functions into a single, user-friendly interface, making daily activities and transactions more streamlined.

Nedbank's Avo SuperShop redefines ecommerce by offering a seamless and secure platform for customers and businesses alike.

To explore how you or your business can benefit from utilizing Avo SuperShop visit the Nedbank Namibia website.

PERSONAL DEVELOPMENT

“Either you run the day or the day runs you.” — Jim Rohn 

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