Category: Finance

WINDHOEK: Namibia’s Green Hydrogen Commissioner, James Mnyupe, has commended the advancements made at the Daures Green Hydrogen Village.

The project in the Erongo Region, and one green hydrogen initiative in the country, is expected to start producing green hydrogen, ammonia, and green tomatoes in July.

Mnyupe said on Monday that the Daures green hydrogen project’s success will be showcased at the World Hydrogen Summit in Rotterdam, Netherlands, taking place from 13-15 May 2024.

‘The key objective of the Namibian green hydrogen programme and the Daures project would be to showcase this particular project to prospective investors. The project is really coming to the end of its pilot phase and is now looking for substantial investors to consider the feasibility of entering the industrial-scale project,’ Mnyupe said during a meeting at State House.

Jerome Namaseb, the Chief Executive Officer of Daures Green Hydrogen, said during a meeting with President Nangolo Mbumba the pilot project will be producing 18 t
ons of green hydrogen and 100 tons of ammonia per year.

He said that the project is further expected to produce green fertiliser for local consumption.

Namaseb said the firm aims to address and hopes to implement a pilot production of ammonium sulphate fertiliser.

‘It will be the first fertiliser created in the Namibian economy, which we believe will be a significant win for both aspirations around our industrialisation as well as de-risking the current exposure of our farmers to global ammonia prices,’ Namaseb said.

In 2022, Namibia and the German government signed a Joint Communique of Intent (JCOI) to provide funding worth N.dollars 816 million for pilot plant projects and capacity development projects over the course of five years.

Namaseb said the construction of the Daures project, including the pilot phase, was funded with a JCOI grant.

Mnyupe advised the government to come on board to help the project in its next phase.

‘But really, it could now be up to the Namibian government as a whole to sa
y the German government has brought this project thus far, how can we join hands to get this project to an industrial scale where we can see those thousands of jobs and the production of fertiliser,’ he said.

Source: The Namibia Press Agency

Addis Ababa: Addis Ababa will host the first African Cities Sustainability Forum in the upcoming September 2024.

The forum will be held under the theme ‘Sustainable Urbanization Planning for Africa’s Transformation – Agenda 2063,’ it was indicated.

As part of Ethiopia’s preparation to host the forum, Deputy Prime Minister Temesgen Tiruneh held an awareness raising forum today with the African Urban Forum National Coordinating Committee.

Addis Ababa is gearing up to host the African Cities Sustainability Forum anticipated to bring about more than 1,500 participants, the deputy PM shared on a social media page.

Temesgen also stated in his message that Ethiopia, as a historic country and a founding member of the United Nations and the Organization of African Unity, is prepared to fulfill its African responsibility by organizing this forum of African brothers.

Source: Ethiopian News Agency

Addis Ababa: Addis Ababa will host the first African Cities Sustainability Forum in the upcoming September 2024.

The forum will be held under the theme ‘Sustainable Urbanization Planning for Africa’s Transformation – Agenda 2063,’ it was indicated.

As part of Ethiopia’s preparation to host the forum, Deputy Prime Minister Temesgen Tiruneh held an awareness raising forum today with the African Urban Forum National Coordinating Committee.

Addis Ababa is gearing up to host the African Cities Sustainability Forum anticipated to bring about more than 1,500 participants, the deputy PM shared on a social media page.

Temesgen also stated in his message that Ethiopia, as a historic country and a founding member of the United Nations and the Organization of African Unity, is prepared to fulfill its African responsibility by organizing this forum of African brothers.

Source: Ethiopian News Agency

Addis Ababa: The decision passed by the government to allow foreign investors to take part in economic sectors that were previously restricted only for Ethiopian citizens will have a multi-faceted positive impact on the economic development of the country, economists remarked.

The Ethiopian Investment Board has recently passed a directive that would allow foreign investors to participate in wholesale and retail trade in the country.

The economists who talked to ENA noted that the directive will reportedly provide more opportunity for legally viable competitive trade and would play a clear role in providing broader choices for consumers.

A senior economist, Constantinos Berhe remarked that allowing foreign investors to take part in wholesale and retail sale trade has greater value for economic development of the country.

Citing the experiences of several countries across the world, the economist added that foreign investors in the sector will bring in their work experience, capital expenditures which will
allow them to play a clear and positive role in the country’s economic development.

Companies who take part in foreign trade in Ethiopia will help to further expand foreign trade coverage and market network for the country and will enhance the nation’s capacity to compete in world trade.

Moreover, the directive is instrumental in increasing the quantity, quality and type of commodities that will be delivered at the international markets, Constantinos further added.

In addition, the directive will help to curb illicit foreign trade in live animals and will help to establish a standard framework to streamline foreign trade in the sector, he indicated.

Constantinos quoted a report from Global Financial Integrity which said the nation loses more than 1.5 billion USD due to illegal foreign trade transactions.

Allowing foreign companies to participate in wholesale and retail trade in the country will discourage illegal trade transactions and will pave the way for those illegal traders to join the formal and le
gal trade transactions, the senior economist further remarked.

He said those merchants who hoard commodities badly needed in the market and also those who demand higher prices for their goods as well as those who disrupt the normal market activity have been multiplying the grievances from consumers.

According to him, the participation of foreign investors in whole sale and retail trade will help to ensure stabilization of market prices and would play a positive role in promoting legal trade transactions across the country.

He added that the directive will help local merchants to be more competitive and thereby provide better choices for consumers.

Constantinos recommended that the government would need to carefully scrutinize the operational history of the investors, their current mode of operation and the values they would add to the national economy before issuing licenses for their formal operations.

Measures taken in introducing new financial policy which will provide for the formation of capital mar
ket and allowing foreign banks to operate in Ethiopia will help to expand the provision of financial resources for economic development.

Researcher of economics and instructor at Arsi University, Adem Fato said that inviting foreign investors to take part in whole and retail sale which was restricted only for Ethiopian nationals will have a multi-faceted positive impact on the economic development of the country.

He stated the decision made by the government will help to beef up foreign currency by promoting domestic and foreign trade which will in turn increase government revenue. Allowing the investors to take part in whole and retail trade will help to improve the quality of the commodities on market and would provide better choices for consumers.

Adem said that this would provide an ample opportunity for local traders to work in unison to engage in a meaningful competition in the market

The instructor further added that necessary guidelines that will promote competitiveness, the national economy and p
romotion of public benefits must be put in place as soon as the directives become operational.

The economists noted that economic measures taken by the government over the last 6 years in opening up the economy to the private sector have helped to promote sustainable economic development and competitiveness among the traders.

Source: Ethiopian News Agency

Addis Ababa: The decision passed by the government to allow foreign investors to take part in economic sectors that were previously restricted only for Ethiopian citizens will have a multi-faceted positive impact on the economic development of the country, economists remarked.

The Ethiopian Investment Board has recently passed a directive that would allow foreign investors to participate in wholesale and retail trade in the country.

The economists who talked to ENA noted that the directive will reportedly provide more opportunity for legally viable competitive trade and would play a clear role in providing broader choices for consumers.

A senior economist, Constantinos Berhe remarked that allowing foreign investors to take part in wholesale and retail sale trade has greater value for economic development of the country.

Citing the experiences of several countries across the world, the economist added that foreign investors in the sector will bring in their work experience, capital expenditures which will
allow them to play a clear and positive role in the country’s economic development.

Companies who take part in foreign trade in Ethiopia will help to further expand foreign trade coverage and market network for the country and will enhance the nation’s capacity to compete in world trade.

Moreover, the directive is instrumental in increasing the quantity, quality and type of commodities that will be delivered at the international markets, Constantinos further added.

In addition, the directive will help to curb illicit foreign trade in live animals and will help to establish a standard framework to streamline foreign trade in the sector, he indicated.

Constantinos quoted a report from Global Financial Integrity which said the nation loses more than 1.5 billion USD due to illegal foreign trade transactions.

Allowing foreign companies to participate in wholesale and retail trade in the country will discourage illegal trade transactions and will pave the way for those illegal traders to join the formal and le
gal trade transactions, the senior economist further remarked.

He said those merchants who hoard commodities badly needed in the market and also those who demand higher prices for their goods as well as those who disrupt the normal market activity have been multiplying the grievances from consumers.

According to him, the participation of foreign investors in whole sale and retail trade will help to ensure stabilization of market prices and would play a positive role in promoting legal trade transactions across the country.

He added that the directive will help local merchants to be more competitive and thereby provide better choices for consumers.

Constantinos recommended that the government would need to carefully scrutinize the operational history of the investors, their current mode of operation and the values they would add to the national economy before issuing licenses for their formal operations.

Measures taken in introducing new financial policy which will provide for the formation of capital mar
ket and allowing foreign banks to operate in Ethiopia will help to expand the provision of financial resources for economic development.

Researcher of economics and instructor at Arsi University, Adem Fato said that inviting foreign investors to take part in whole and retail sale which was restricted only for Ethiopian nationals will have a multi-faceted positive impact on the economic development of the country.

He stated the decision made by the government will help to beef up foreign currency by promoting domestic and foreign trade which will in turn increase government revenue. Allowing the investors to take part in whole and retail trade will help to improve the quality of the commodities on market and would provide better choices for consumers.

Adem said that this would provide an ample opportunity for local traders to work in unison to engage in a meaningful competition in the market

The instructor further added that necessary guidelines that will promote competitiveness, the national economy and p
romotion of public benefits must be put in place as soon as the directives become operational.

The economists noted that economic measures taken by the government over the last 6 years in opening up the economy to the private sector have helped to promote sustainable economic development and competitiveness among the traders.

Source: Ethiopian News Agency

Addis Ababa: A two-day conference aimed at leveraging digitalization to improve tax compliance and revenue mobilization has concluded in Addis Ababa today.

The international conference organized by Ministry of Revenues, in collaboration with the World Bank, has attracted many experts and stakeholders from emerging countries.

Briefing the media, Revenues Minister Aynalem Nigussie underscored the significance of digitalization in improving revenue collection by enhancing efficiency and minimizing cost.

Collecting revenue through digitalization also enables the tax administration to be fairer and transparent as compared with the manual system.

According to her, the Ministry of Revenues has been developing software to digitalize more the revenue collecting system.

At present, several platforms that enable tax payers to pay online have been established and those are contributing to enhancing the efficiency of collecting revenue.

World Bank Lead Governance Specialist in Ethiopia, Rajul Awasthi told ENA that t
he purpose of the conference is to improve the efficiency and effectiveness of tax administrations by implementing digitalization.

Noting that there haven challenges in Africa for many decades in the sector, he added that the World Bank is now helping countries to address the challenges through financing and technical assistance.

For him, digitalization is the best way to move forward in improving efficiency and effectiveness of tax administration and the World Bank is committed providing continuous assistance to realize digitalization.

According to Awasthi, the conference has created a platform for peer-to-peer learning between countries in the field.

Delegates mainly from African countries, including Nigeria, Zambia, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zimbabwe, South Sudan, and Somalia, as well as experts from other countries have participated in the conference, it was learned.

The World Bank lead governance specialist, who stated that the Bank has been involved in helping countries to
improve their tax systems, improve domestic revenue mobilization through financial and technical assistance, said the World Bank is working closely with ministries of Revenues and Finance to improve the capacity in the sector.

Source: Ethiopian News Agency