Agri-Impact Limited, an agribusiness development firm, has signed a Memorandum of Understanding (MoU) with Kwame Nkrumah University of Science and Technology (KNUST) to advocate and enhance agricultural businesses among youth through technology. The partnership will help create dignified and fulfilling jobs for 326,000 young women, young men focusing especially on women, and also to eradicate the false mindset about agriculture among students. Mr Dan Acquaye, Chief Executive Officer of Agri-Impact Limited and Professor Ben Banful, Provost, College of Agric and Natural Resources, KNUST, signed the MoU on behalf of their respective institutions. Mrs Julie Asante-Dartey, Deputy Chief Executive Officer of Agri-Impact Limited, speaking to the media said the agreement would scale up youth involvement in agriculture, build their capacity and be ambassadors of agribusiness. She said the partnership would also help leverage the electronic-learning platform of the University to train over 500 youth, who would use I nformation Technology and Communication (ICT) to create enterprises in the agribusiness industry. Mrs Asante-Dartey said it was important for students to have the passion of creating businesses in agriculture to secure a lifetime job, adding that it would help reduce the high level of unemployment faced by the youth. 'The training is to help students become entrepreneurs and ambassadors of agriculture', she said. The Deputy CEO said, the project would be a four-year development in rice, soya, poultry and tomato production. She said with the aid of the University, students would have an effective value chain to work together and increase productivity, smooth market access and enterprise efficiency. She expressed the hope that after four years, the project would generate at least $200 million revenue every year to help cut down importation by 10 per cent. She said the idea of partnering the University was to involve academia in the project to develop policies on agribusiness for effective implementation. P rofessor Robert Aidoo, Dean, Agribusiness and Intergrated Supply Chain Management, KNUST, emphasised on the importance of collaboration between the two entities in meeting the demands of agribusiness development among Ghanaian youth, especially young men and women. He said the University recognised the MoU as an important step to working together to bring agricultural businesses to the doorstep of Ghanaian youth by ensuring that stakeholders worked to achieve success in the agricultural sector. Source: Ghana News Agency WINDHOEK: The Namibian Police Force (NamPol) on Thursday destroyed a consignment of cocaine valued at N.dollars 206 million. The drugs, according to the Head of NamPol's Forensic Science Institute, Nelius Becker, were part of a drug trafficking case dating back to June 2018, involving two men, Grant Noble and Dinath Azhar, who have since been convicted and sentenced to prison terms of 12 years. It has since been established that the drugs weighed 412kg and were imported from Brazil through the Port of Walvis Bay. 'We get the drugs depending on how long the case takes to finalise because we want to take liability of wherever the drugs are being stored. We need to destroy them as quickly as possible because we do not want the drugs to react or disappear in the streets. In the coming weeks, we will be disposing of cannabis,' Becker said. He further stressed that although there has not been a lot of cases involving habit-forming drugs such as heroine, there has been an increase in the number of drug traffickin g cases. 'We all know what the scourge of drugs is in this country. We should all stand together and fight, to rid the country of this. Unfortunately it appears that some of the harbours in South Africa might not be conducive for these drugs to go through because of the measures put in place, so they move to other venues like the Walvis Bay harbour as a through road to get the drugs somewhere else. It is important that we are vigilant about this,' Becker added. Source: The Namibia Press Agency
Reduction in public debt stock recorded
The government's public debt stock has decreased to 60.1 per cent of the Gross Domestic Product (GDP) during the 2024/25 financial year from 62.5 per cent recorded at the end of the preceding financial year. The reduction was announced by Minister of Finance Iipumbu Shiimi when he tabled the national budget for the 2024/25 financial year on Wednesday. 'The public debt stock is estimated at N.dollars 165.8 billion or 60.1 per cent of GDP during FY2024/25, a reduction from an estimated 62.5 per cent of GDP at the end of the preceding financial year,' Shiimi said. He said the government has budgeted N.dollars 12.8 billion to meet debt servicing obligations in the 2024/25 financial year, equivalent to 14.2 per cent of revenues and 4.7 per cent of the GDP. 'The debt servicing metrics, although stabilising, still remain above the desired benchmark of 10 per cent of revenues, therefore, the fiscal framework provides for specific measures to maintain public debt on a reduction path and ensure that debt is raised in the most cost-effective manner. He further said government is estimating to realise a positive primary budget balance of 1.4 per cent of the GDP, which subsequently projects an estimated N.dollars 8.9 billion as a deficit budget in nominal terms. Shiimi tabled a N.dollars 100 billion national budget for the 2024/25 financial year. Source: The Namibia Press Agency
Shiimi dedicates 2024/25 budget to former President Geingob
WINDHOEK: Finance and Public Enterprises Minister Iipumbu Shiimi said the national budget for the 2024/25 financial year is dedicated to the late President Hage Geingob to honour his legacy. Shiimi tabled a historic N.dollars 100.1 billion budget in the National Assembly on Wednesday under the theme 'Continuing the legacy of His Excellency Dr Hage G. Geingob by caring for the Namibian child.' The minister further paid tribute to the late president for 'the confidence and honour he bestowed upon me to steer our public finances.' He said the budget was crafted with the aim of supporting domestic demand and stimulating economic activities. 'At the same time, we remain keenly aware that the government cannot achieve sustainable job creation without the support of private businesses, including small and medium enterprises. As such, the fiscal framework considered the requisite interventions to create a conducive operating environment to enable the private sector to expand domestic investments,' Shiimi said. T he budget is built on three pillars, among others, to prioritise stimulating domestic demand through a variety of policy actions to boost household incomes and create a conducive environment for businesses to thrive and expand investments. Secondly, Shiimi said the budget seeks to accelerate investments in productive public infrastructure through an increase in the development budget to upgrade infrastructure that has become a hindrance to economic activities. Thirdly, the minister noted that the fiscal framework continues the path to cultivate fiscal prudence to contain the public debt, which stands at N.dollars 151.3 billion, equivalent to 61.3 per cent of GDP. 'While pursuing the above policy objectives, we remain cognisant of our social and everyday lived realities, including poverty levels, high unemployment, and frequent incidences of drought. Accordingly, specific provisions have been made in this budget to safeguard livelihoods and guard against excess reversals on gains made in the social sector,' Shiimi said. The minister noted that the N.dollars 100.1 billion budget includes N.dollars 3.2 billion in development projects funded through external loans and grants. It also includes a N.dollars 12.8 billion in interest payments. Source: The Namibia Press Agency
Economist applauds government on tax reform
WINDHOEK: First National Bank (FNB) economist, Helena Mboti, has applauded the government on the newly announced tax relief, saying it supports the late President Hage Geingob's legacy of being the people's president. She said this in an interview with Nampa on Wednesday following the tabling of the 2024/25 National Budget by Ministry of Finance and Public Enterprises, Iipumbu Shiimi in the National Assembly. In particular, the tax threshold has been raised from N.dollars 50 000 to N.dollars 100 000. Mboti also highlighted the N.dollars 2.1 billion to be received by the vote of water including N.dollars 1.1 billion in beneficiary project loans for the refurbishment of the Oshakati and Rundu water treatment plants as well as the development of the Ohangwena 2 Aquifer. This funding has been availed for drilling of boreholes, expansion of pipelines and various rural water supply projects to improve access to water within communities, especially considering the increased drought incidences. 'When you invest in infrastructure you avail electricity and water accessibility, as well as housing, all this stimulates business because now people can make use of these things in order to carry out various business activities,' Mboti stated, further expressing her excitement for this and how it will impact entrepreneurial spirit in these areas. She also mentioned how through tax relief for SMEs, business owners have more cash flowing in the business. 'By paying less taxes SMEs have more money to work with to reinvest in their businesses as they are giving less to the government and keeping more for themselves,' said Mboti. She further expressed that although the budget did not directly mention anything about availing grants for SMEs, these new policies will greatly impact small business in a positive manner. Source: The Namibia Press Agency
Strategic plan for Otjiwarongo Municipality officially launched
OTJIWARONGO: The Otjiwarongo Municipality on Thursday launched its five-year strategic plan at the town. Minister of Urban and Rural Development, Erastus Uutoni, launched the document in the presence of several regional and local authority councillors from Okahandja, Otavi, Grootfontein, Otjiwarongo and Okakarara. 'This strategic plan document should not collect dust in your offices. Instead, use it as a guiding tool in developing this town as well as in rendering quality municipality services to the residents,' urged Uutoni. The minister reminded the Otjiwarongo local authority councillors of their five-year term, saying that in that period, they should deliver serviced land, houses and clean drinking water amongst others to the residents. He also called on the municipality to allocate funds and utilise competent minds that would drive the aims and objectives of the strategic plan. In his closing remarks Uutoni requested the municipality to look around town for a piece of land where the Ministry of Urba n and Rural Development would spend money to service land for residential purposes, saying there is N.dollars 700 million budgeted by his ministry for land serving across the country during this financial year. Otjiwarongo Mayor, Gottlieb Shivute, on his part promised to deliver the piece of land, as such a request provides a solution to objective one of the newly launched strategic plan on spatial planning and infrastructure development. The five other objectives of the strategic plan include the sustainable working environment and public safety; socio-economic advancement of the town; business innovation and financial sustainability; as well as the operational efficiency of the workforce. 'Our main aim in the next five years is to develop this town into a smart city of excellence,' said Shivute. The municipality's acting chief executive officer, Erickson Mwanyikange, said the Otjiwarongo municipality in the next five years intends to improve its financial capacities. 'We are owed more than N.dollars 57 million in rates and taxes. Therefore, our aim is to collect this money and use it in implementing our strategic plan of action,' he said Source: The Namibia Press Agency