@JohannBiermann1@CyrilRamaphosa Interestingly, Namibian Cabinet has resolved to temporarily reduce the levies imposed on fuel by 50% for 3 months to soften the blow on consumers
@JohannBiermann1 I remember a night in 2007, leaving for Namibia early morning from Somerset West, with people blocking the N2 with boulders and tree branches, literally rammed through. Not a fun experience.
Cirrus Unlisted Investments has acquired a significant minority stake in Namibian luxury lodge and tour operator Ultimate Safaris, in an equity funding transaction aimed at supporting the company’s expansion and growth within Namibia’s high-end tourism sector.
The investment according to Cirrus, was concluded on behalf of individual and institutional Namibian investors and establishes a strategic partnership between the locally owned investment manager and one of Namibia’s established luxury ecotourism operators.
Financial details of the transaction were not disclosed.
Cirrus Unlisted Investments Managing Director Erik de Waal said the investment reflects confidence in Namibia’s long-term tourism potential and Ultimate Safaris’ position within the sector.
https://t.co/tF8uCrHRMO #namibia #tourism #acquisition #hospitality @cirrus_capital@UltimateSafari1
Folks who don’t own or run businesses might not understand it, but red tape and bureaucracy is a big problem in Namibia. Your business can literally shut down, bc these processes take forever. That time you’re burning cash and people couldn’t care less. It needs urgent attention.
MTC, Telecom awarded N$42m to expand connectivity in remote areas
Mobile Telecommunications Limited (MTC) and Telecom Namibia have won Phase 2 of the Universal Service Fund (USF) rollout, receiving a combined N$42,123,377 to expand mobile broadband and voice coverage in underserved regions.
CRAN Executive for Communication and Consumer Relations, Mufaro Nesongano, said the funding will support new infrastructure development in Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshikoto, Zambezi and //Karas.
“The successful bidders are Mobile Telecommunications Limited (MTC), awarded subsidies for eight sites totalling N$32,326,727.00, and Telecom Namibia Limited (TN), awarded subsidies for three sites totalling N$9,796,650.00,” he said.
https://t.co/AfOXsWslM2 #namibia #connectivity #infrastructure @CRANamibia@MTCNamibia@TelecomNamibia
Since '17, Cirrus advised Paratus on capital raisings totalling N$2.9 billion across equity and debt. We are proud to have supported them through much of their 20-year journey in Namibia.
A big congratulations to Paratus, and on the exciting launch of their mobile network.
World Bank’s reclassification of Namibia’s income status is more of a revision than a downgrade.
The census revealed a 3.0m population in '23 - higher than World Bank and NSA estimates of ~2.6m.
However, a poor macro-environment is the underlying reason for this rapid decline.
EXPLAINER: Tannan Groenewald, Head of Data & Analytics at Cirrus, explains what Namibia’s reclassification from upper-middle to lower-middle income status by the World Bank means. #namibia#economy#GDP
Namibia's real GDP growth came in at 2.7% in Q1 '25, down from 4.8% in Q1 '24.
The slowdown was primarily due to a steep contraction of 20.1% in the agriculture industry, attributed to drought-related reductions in livestock marketing and an outbreak of Lumpy Skin Disease.
The Bank of Namibia MPC unanimously decided to hold the repo rate at 6.75% in light of domestic, regional and global developments - but urges commercial banks to narrow prime lending margins in line with CMA peers.