Day: April 16, 2023

The Namibian economy is expected to record a growth rate of 2.7 per cent, compared to an upbeat growth of 4.6 per cent recorded in 2022 and 3.5 per cent the prior year.

According to Agribank’s 2023 Quarterly Economic Outlook for the first quarter, the 2023 growth rate is attributed to increases in the primary and secondary industries of 12.9 per cent and 3.3 per cent, respectively.

“The acceleration was observed across all major sectors, particularly the mining sector as diamond production rise, it said.

In 2023, primary industries are expected to remain resilient on the back of the ongoing oil exploration and appraisal activities and robust growth from diamond production from the Benguela Gem mining vessel.

The document availed here, further read that central banks are vigorously fighting inflation; after a long period of price stability, elevated inflation is becoming worrisome for Namibia, unduly affecting low-income households and threatening food security.

Additionally, pandemic-induced inflationary pressures, with demand recovering quickly and supply lagging amid continued disruptions in supply chains, have been persistent, it said.

“While, the country is still dealing with the scars of COVID-19, soaring food and energy prices coupled with renewed supply shocks caused by the war in Ukraine have driven a surge in inflation and pushed up short- and medium-term inflation expectations,” it indicated.

The rise in interest rates by the Bank of Namibia from 3,75 per cent to 7,0 per cent, was prompted by rising inflation and increasing global interest rates, particularly, in South Africa (SA) to maintain the peg.

This translated into a 350 basis points increase in the Repo rate between January 2022 and February 2023.

The document further noted that the upward price pressures will likely ease due to aggressive monetary tightening and slowing demand, but inflation is still projected to remain elevated in 2023 and is expected to average 5.3 per cent in 2023.

Namibia imports most of its inflation and due to the persistent rise in inflation in both SA and Namibia, the Central Banks now find themselves at a crossroads where economic prospects have weakened while inflation is not yet fully under control and fiscal challenges remain, it read.

Source: The Namibian Press Agency

Producers of palm oil at Tafi Dekpor, a farming community in the Afadzato South District of the Volta region, are calling on the government, individuals, and organisations to help them produce on a large scale.

The women said some help in the supply of machines, ready market and working on the deplorable nature of the road would increase and sustain their business and production.

Madam Vivian Akpene Aborvor, a palm oil producer and seller, told the Ghana News Agency (GNA) that lack of machines to pound the palm fruits as well as assist in the oil production affected large production of oil for the market.

She said the cost of palm fruits also affected the production adding that the palm oil had to be transported to the market before they were purchased because the deplorable nature of the road prevented buyers from coming to the community.

Madam Aborvor said the cost in transporting the oil to the market was also high because only motorbikes and tricycles could ply the deplorable roads and they charged exorbitant fares.

She said they currently sold a bottle of palm oil for GH?17.00 in the market but GH?15.00 when buyers came to the community.

Madam Aborvor also noted that they had to sell their produce at either Logba or Kpando markets, adding that an available market ready to purchase their products in large quantities would help them.

Mr Prosper Bedu, a farmer, noted that the sale of palm fruits in the community hinged on its availability, which in turn determined the prices at which they were sold to their client.

He said a paint rubber of palm fruits currently cost GH?12.00 but could sometimes cost either GH?10.00 or as low as GH?5.00.

Checks by the GNA revealed that a Centre that was established to help the women in oil palm processing known as the ‘Comdeks Hatof Womens Oil Processing Centre’ had become a white elephant.

Mr Agblewodea Lawson, Acting Headman of the Community, said the Centre was established in 2014 to help in oil palm processing by a non-governmental organisation led by one Samuel who hailed from Akatsi.

He said the said Samuel provided shelter, pots, and other materials to help in the processing with the hope of expanding future productions but unfortunately everything halted, and they also had not heard from him and the NGO.

Mr Agblewodea said they were currently in need of a palm fruit pounding machines, processors as well as other equipment to help the production of palm oil.

Source: Ghana News Agency