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Namibia’s Oil Potential: A Game-Changer for Economic Growth

NDN Staffer

WALVIS BAY, Aug 23 — Recent offshore oil discoveries in Namibia have sparked substantial excitement, with TotalEnergies’ Venus-1X discovery contributing significantly to the estimated total of approximately 11 billion barrels of oil. State-owned oil firm NAMCOR unveiled these remarkable findings in a presentation of preliminary data.

Despite not having yet commenced oil or gas production, Namibia has emerged as a global exploration hotspot. This surge in interest has been catalyzed by deep water discoveries made by industry giants Shell and TotalEnergies over the past two years. In addition to these key players, companies like Chevron, ExxonMobil, and Galp Energia are actively engaged in exploration and appraisal activities within Namibia’s waters.

The cumulative impact of these discoveries is poised to transform Namibia’s standing in the global oil industry. According to NAMCOR’s insights, the nation could become a top 15 oil producer by 2035, an achievement that could potentially double the country’s gross domestic product (GDP) per capita within the span of a decade.

Breaking down the significant findings, NAMCOR’s presentation, shared with Reuters, reveals that the Venus well holds approximately 5.1 billion barrels of oil. Shell’s Graff-1X and Jonker-1X wells contribute 2.38 billion and 2.5 billion barrels respectively to this exciting equation. Notably, these wells are still undergoing appraisal, and a final reserve estimate is anticipated to be released later this year, as confirmed by Namibian oil officials.

The strategic approach to development is evident in the fast-tracked progress of the Venus and Jonker wells. NAMCOR, holding a 10% interest in these discoveries, highlighted their advancement through a “multi-phased incremental” approach. As for Shell’s Graff and Le Rona wells, there is no finalized development concept yet.

The economic implications are substantial. “Initial estimates show Graff and Venus have the potential to almost double the Namibian GDP by 2040 to close to $37 billion,” NAMCOR articulated, underlining the transformative potential these discoveries hold for the country’s financial landscape.

As Namibia’s oil sector inches closer to full-scale production, the nation stands on the cusp of a transformative journey. The exploration and tapping of these offshore resources have the capacity to reshape the country’s economic trajectory and propel it onto the global stage as a significant oil player. -Namibia Daily News

August 23, 2023 0 comment
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Xi calls on BRICS to uphold justice, improve global governance

JOHANNESBURG, Aug. 23 — Chinese President Xi Jinping on Wednesday urged BRICS countries to uphold fairness and justice, and improve global governance.

Xi, while addressing the 15th BRICS Summit, said strengthening global governance is the right choice if the international community intends to share development opportunities and tackle global challenges.

International rules must be written and upheld jointly by all countries based on the purposes and principles of the UN Charter, rather than dictated by those with the strongest muscles or the loudest voice, he said.

Xi also said ganging up to form exclusive groups and packaging their own rules as international norms are even more unacceptable.

BRICS countries, Xi said, should practice true multilateralism, uphold the UN-centered international system, support and strengthen the WTO-centered multilateral trading system, and reject the attempt to create small circles or exclusive blocs.

“We need to fully leverage the role of the New Development Bank, push forward reform of the international financial and monetary systems, and increase the representation and voice of developing countries,” he added. (Xinhua)

August 23, 2023 0 comment
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Africa’s Rugby Aspirations: A Glimpse into the 2023 Rugby World Cup

By Staff Reporter

PARIS, France, Aug. 23 — On an official visit to France, Herbert Mensah, the new President of Rugby Africa, the continental governing body for rugby in Africa, engaged in discussions with Julien Collette, General Manager of the 2023 Rugby World Cup Organizing Committee. This meeting, held at the France 2023 Headquarters, La Maison de la Mutualité in Paris, spotlighted Africa’s involvement in the upcoming Rugby World Cup.

The presence of South Africa and Namibia at the forefront of Africa’s participation in the 2023 Rugby World Cup stands as a testament to the continent’s growing influence on the global rugby stage. South Africa’s current global champion status and its remarkable achievement of being a three-time world champion reflect Africa’s exceptional skill, unwavering determination, and profound commitment to rugby.

With Africa’s population projected to double, reaching a staggering 2.5 billion by 2050, and the African youth expected to constitute 42% of the world’s population by 2030 according to the United Nations, there lies an immense potential for exponential growth in Rugby World Cup viewership. A larger population naturally translates into a larger potential audience, a factor that cannot be overlooked.

In light of this extraordinary potential, it becomes crucial for World Rugby, the governing body of rugby and the owner of the Rugby World Cup, to make substantial investments in Africa. Similar to prominent sports organizations like FIFA for football, NBA for basketball, and NFL for American football, World Rugby has the opportunity to strategically tap into Africa’s growing interest and population. This strategic approach not only promises to enhance the viewership of the Rugby World Cup but also aims to cultivate a lasting passion for rugby within the continent. This, in turn, contributes to the sport’s global expansion and long-term prosperity.

Julien Collette, General Manager of the 2023 Rugby World Cup Organizing Committee, shared his optimism about the potential of the upcoming event: “We are very glad to welcome the new President of Rugby Africa here in Paris. We believe that the upcoming Rugby World Cup in France will provide an exceptional platform to promote rugby worldwide, especially in Africa.”

Herbert Mensah, the recently elected President of Rugby Africa, emphasized the collective enthusiasm within Africa: “A diverse array of African stakeholders, from our community members to esteemed dignitaries and strategic investment partners, are eager to elevate their participation in upcoming Rugby World Cup editions. This shared enthusiasm is rooted in the understanding that sports, including rugby, offer significant economic prospects.”

Acknowledging the substantial financial potential within the sports industry, there exists a mutual ambition to not only partake in future Rugby World Cup events but also to explore avenues for business expansion and mutual benefits.

The 2023 Rugby World Cup, the tenth men’s Rugby World Cup, is set to take place in France from September 8 to October 28, 2023. Across nine venues within the country, rugby union national teams will compete in this quadrennial world championship.

For the complete Rugby World Cup 2023 Fixtures, please visit [Rugby World Cup 2023 Fixtures](https://apo-opa.info/3qxNy0Y).

August 23, 2023 0 comment
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Insights into Bank of Namibia’s Repo Rate Decision and Economic Outlook

Josef Kefas Sheehama

The recorded annual inflation rate for July 2023 stands at 4.50%, marking a notable decline from June’s figure of 5.30%. This has implications for various sectors, particularly for aspiring first-time home buyers who maintain a steady interest in homeownership. The Bank of Namibia’s decision to maintain the repo rate at its current level has added motivation for this group.

The recent monetary policy committee (MPC) meeting resulted in a unanimous vote to keep the benchmark repurchase (repo) rate unchanged at 7.75 per cent. This decision is significant as it has a direct impact on various aspects of financial commitments such as home loans, car loans, and personal loans. Given that other lending and interest rates are interconnected with the repo rate, its stability indicates that interest payments on housing, vehicles, as well as savings and investment products, may remain unchanged. It’s important to note, however, that earnings from interest-bearing savings products could potentially see a decrease.

The decision to maintain the repo rate creates a choice for consumers. They can either opt for fixed-rate loans that ensure a constant repayment amount, albeit with an initial higher cost or choose more flexible floating-rate loans. This flexibility comes with its own set of advantages.

The Bank of Namibia has been delicately balancing economic growth and inflation, considering external factors like the impact of COVID-19 and geopolitical conflicts. Despite these challenges, signs point to potential inflation concerns in the future.

The MPC anticipates a moderation in inflation in the first half of 2023, followed by a move towards the target rate, allowing room for accommodative measures. Government-initiated supply-side interventions have been instrumental in containing inflationary pressures. However, uncertainty persists concerning domestic food prices due to unpredictable weather events and looming drought in Namibia.

The halt in the repo rate hike, while providing a temporary respite, shouldn’t be seen as a cessation of the rate hike cycle. The Bank of Namibia remains committed to its core mandate – managing inflation to align with the target range. Elevated domestic inflation would prompt the Bank to raise policy rates. The complex interplay between inflation, interest rates, and economic growth presents a significant challenge to addressing inequality and fostering sustainable development.

The slower economic growth in recent years, combined with the impact of COVID-19, has highlighted the need for a conducive environment to attract foreign investors and drive progress. The Bank of Namibia’s measures to control inflation and normalize policy reflect a proactive stance to stabilize the economy.

As global economies navigate inflation and post-pandemic recovery, the spotlight falls on 2023. Will governments and central banks find the balance between supporting growth and managing inflation effectively? The Bank of Namibia’s decisions will play a pivotal role in determining the outcome.

In conclusion, the pause in the repo rate by the Bank of Namibia is strategic, yet it doesn’t preclude future adjustments. This stance aligns with the goal of maintaining inflation within the target range for 2023. As we move closer to the midpoint of the target range, supported by factors like a positive base effect and moderated commodity prices, the Bank of Namibia’s projections for economic growth are optimistic. While the forecast for 2023 remains at 3.3%, expectations for 2024 indicate a slightly slower growth rate of 3%. As the economic landscape evolves, the Bank of Namibia’s decisions will continue to shape the nation’s financial trajectory.

August 23, 2023 0 comment
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Brazilian president calls for replacement of U.S. dollar hegemony

JOHANNESBURG, Aug. 23 — Brazilian President Luiz Inacio Lula da Silva on Tuesday called for creating a common trading currency for BRICS countries to counter U.S. dollar hegemony.

Advocating the creation of a common currency for cross-border trade between BRICS nations without affecting national currencies, Lula da Silva said at the BRICS Business Forum Leaders’ Dialogue that an alternative to the U.S. dollar needs to be found in the international market.

The common currency would be used to facilitate trade between the emerging nations, he said.

“We want BRICS to be a multilateral institution, not an exclusive club,” Lula da Silva said. “We just want to organize ourselves.”

In April, he proposed possibly creating a common regional currency or similar mechanism to reduce reliance on the U.S. dollar in trade.

Also on Tuesday, the Brazilian president announced that his government is considering the possibility of using the Chinese yuan in trade with Argentina.

“We cannot depend on a single country that has the dollar, that puts more money into circulation in dollars, and we are forced to live off the fluctuation of that currency. It’s not right,” he said. (Xinhua)

August 23, 2023 0 comment
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2,308 Afghan refugees return home from Iran

KABUL, Aug. 23 — A total of 2,308 Afghan refugees have returned to Afghanistan from neighbouring Iran, Afghanistan’s Ministry for Refugees and Repatriation Affairs said in a statement on Wednesday.

These Afghans returned to their homeland after years of living as refugees in Iran, and the process of returning refugees to their home country continues, the statement added.

On Monday, the ministry also reported the return of 2,482 Afghan refugees from Iran to Afghanistan.

More than 60,000 Afghan refugees have reportedly returned home from Iran since January. Over 2.5 million registered Afghan refugees reportedly live in Iran and about the same number of Afghan refugees are in Pakistan.

The Afghan caretaker government has been calling upon Afghan refugees living abroad to return home and contribute to the reconstruction process of their war-ravaged country. (Xinhua)

August 23, 2023 0 comment
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Empowering Namibia’s Tourism Sector: ECA’s Capacity Building Achieves Milestone

Staff Reporter

Windhoek, Aug. 23 — The Namibia Tourism Satellite Account (TSA) capacity-building training series came to a successful conclusion on August 18th with a breakfast meeting that marked the end of the fourth training workshop. The workshop, which commenced on August 14th, was held at Arebbusch Hotel in Windhoek, Namibia.

Running from August 14th to 18th, 2023, the fourth TSA Capacity Building Workshop represented the culmination of a series of capacity-building workshops jointly organized by the Economic Commission for Africa (ECA), the Namibia United Nations Country Team, and the Ministry of Environment, Forestry, and Tourism (MEFT) of Namibia. The collaborative effort aimed to bolster tourism data collection and reporting systems within the country.

The training workshops had a focused objective of equipping members of the National TSA Steering Committee. Comprising representatives from vital institutions such as government ministries, the national statistical office, the national planning commission, the national bank, Namibia Tourism Board, the private sector, and academia, these workshops aimed to provide essential skills to generate reliable, timely, and high-quality tourism statistics.

The fourth and final Capacity Building Workshop engaged 35 National TSA Committee members in intensive training. The focus was on imparting the necessary skills for accurately calculating the direct contribution of the tourism sector to the Namibian economy through the construction of the Satellite Account for the sector using the UNWTO TSA methodology. Building upon the achievements of preceding workshops, the training progressed from preliminary compilations of Tables 1 to 6 to the completion of preliminary compilations of Tables 7 to 10.

To culminate the training process, a breakfast meeting took place on August 18th. During this meeting, champions identified from the TSA Committee presented the draft compilations of the 10 TSA Tables to the principal figures of the institutions constituting the National TSA Committee, as well as the national quality controllers.

Speaking at the breakfast meeting, the Executive Director for MEFT, represented by Mr. Boas Erkie – Director for Planning, emphasized the challenges faced in developing and promoting the tourism sector due to the absence of accurate and reliable tourism data. The complexity of reconciling supply and demand tables has made measuring the sector’s GDP contribution a challenge. The partnership with ECA under the TSA Project was commended for enhancing comprehension of the tourism industry’s dynamics and for informing policy, program, and strategy formulation for sector development.

The Statistician-General underscored the significance of the TSA as a robust analytical framework that enhances understanding of tourism’s economic impact in Namibia. He applauded the TSA project for imparting skills and knowledge for compiling the national TSA. Acknowledging ECA’s technical support, he expressed gratitude to all stakeholders for their collaborative spirit throughout the capacity-building process that began with the project’s launch on May 19, 2022. He expressed optimism that the “skills and experience gained during this time will be sustained to continue updating and maintaining the account as a country.”

Mr. Sebulon Chicalu, the Director for Tourism and Gaming in the Ministry of Environment, Forestry, and Tourism, provided an overview of the TSA Project for Namibia. He highlighted the sector’s challenge due to the lack of quality statistics and appreciated ECA’s commitment to providing technical and advisory support. This support laid a fundamental groundwork for quality data and accurate sectoral accounting.

The presentations on the various draft TSA Tables showcased the preliminary findings from the capacity-building workshops. This marked a pivotal step towards compiling the national TSA. The event enabled stakeholders to contribute by scrutinizing the preliminary data tables for accuracy, redundancy, consistency, and adherence to the national Data Quality Assurance Framework.

August 23, 2023 0 comment
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Tragic Incident: 9-Year-Old Boy Drowns in Earth Dam in Oshana

By Lylie Happiness

Oshakati, Aug. 23 — A heart-wrenching incident unfolded in the Onyelelo village of Oshana region as a nine-year-old boy tragically drowned in an earth dam yesterday afternoon. The young victim was dispatched to fetch water from the dam when a tragic misfortune occurred—he slipped and fell into the water.

A close family member recounted that the family noticed the boy’s prolonged absence, which prompted them to initiate a search. Distressingly, they came across his t-shirt, underwear, and pants lying beside the dam. As nightfall descended, they promptly informed the police around 20:00, although the darkness thwarted their immediate efforts to retrieve the young boy’s body.

Tragedy struck yet again when the lifeless body of the deceased was recovered this morning by the dedicated members of the Namibian Police. The entire community is grappling with the heartbreak of the incident, as their thoughts and condolences go out to the grieving family. – Namibia Daily News

August 23, 2023 0 comment
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N$550,000 Allocated for Heroes Day Commemoration: Hertta-Maria Amutenja

By Lylie Happiness

Windhoek, Aug. 23 — In a recent interview with the Windhoek Observer, Audrin Mathe, the Executive Director of the Ministry of Information and Communication Technology, revealed that the Namibian Government has allocated a budget of N$550,000 for the upcoming Heroes Day commemoration in Windhoek.

This significant budget allocation comes as all systems are set for the 33rd Heroes Day commemoration, an event aimed at honouring and celebrating the heroes and heroines who played pivotal roles in Namibia’s liberation struggle. Originally scheduled to take place in Omuthiya in the Oshikoto region, the event was shifted to Windhoek due to the state visit of Cuban President Miguel Mario Díaz-Canel y Bermúdez, who was invited by President Hage Geingob.

The change of venue, however, has sparked some disappointment among residents of Omuthiya, as preparations and financial commitments were already in motion for the originally designated location. Ottilie Shingenge, the spokesperson of the Omuthiya Town Council, expressed concerns that the venue shift might lead to misunderstandings and financial losses for the council.

Despite the change, Penda Ya Ndakola, the Governor of Oshikoto Region, conveyed appreciation to the Namibian Government for initially selecting the region as the host for the event. He mentioned that while preparations were well underway, the decision to move the event to Windhoek was influenced by logistical challenges associated with the visit of the Cuban President, the esteemed guest of honour.  -Namibia Daily News

August 23, 2023 0 comment
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Protest Planned on Home Repossessions: Banks Association Defends Commercial Banks

By Lylie Happiness

Windhoek, Aug. 23— The Bankers Association of Namibia (BAN) has responded to allegations of home repossessions and perceived exploitation of Namibians by commercial banks, asserting that these claims lack credible substance. This statement comes ahead of a planned nationwide protest against commercial banks and the Bank of Namibia, organized by the “National Ownership Association” due to rising home repossessions driven by increasing mortgage rates.

Brian Katjaerua, CEO of BAN, stated that the association is aware of the planned protest and respects people’s rights to assemble peacefully and express themselves within the bounds of the law. He emphasized that BAN promotes open and fair relationships between customers and banks. To further this aim, the association recently introduced its Code of Banking Practice, which outlines the minimum service and conduct standards that customers can expect from banks.

This code, available on the BAN website (www.ban.na), seeks to provide customers with better insights into their rights and responsibilities, as well as those of the banks providing services and products. Katjaerua highlighted that BAN, along with its member banks, is dedicated to upholding the standards outlined in this code. These standards are grounded in principles of transparency, fairness, accountability, and reliability, all of which contribute to fostering public confidence in the banking system.

Customers with grievances against their banks are encouraged by BAN to first approach their respective commercial banks to resolve disputes. If the resolution is not achieved, they are advised to turn to the Bank of Namibia for assistance in addressing issues with a particular commercial bank or to seek legal recourse as a last resort. -Namibia Daily News

August 23, 2023 0 comment
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