{"id":36473,"date":"2022-12-23T18:14:32","date_gmt":"2022-12-23T18:14:32","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/2022-the-year-of-green-hydrogen"},"modified":"2022-12-23T18:56:20","modified_gmt":"2022-12-23T18:56:20","slug":"2022-the-year-of-green-hydrogen","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/2022-the-year-of-green-hydrogen","title":{"rendered":"2022: The Year of Green Hydrogen"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>This was truly the buzzword of 2022. What started off as noise appears to be gaining traction and attracting interest. About N$500 million has been promised by the German government, of which part has already been expended. Even the recently held Swapo vice presidency elections had contenders pushing the green narrative. Presidential economic adviser James Mnyupe really travelled the world this year \u2013 and all that proceeded out of his mouth was green hydrogen. To some, he has neglected other areas of the economy, and to others, he is doing a great job by primarily pushing the green hydrogen concept that would also lift the other sectors of the economy. We give him the coming years to see the fruits of his labour. The year started off upbeat, with oil giant Shell Plc announcing it had discovered light oil at its Graff-1 exploration well in Block 2913A offshore southern Namibia within the Orange River Basin. This was followed by Total- Energies, announcing serious oil discoveries in the same area. According to calculations, these reserves could turn Namibia into an oil-producing country.The country has already joined the African Petroleum Producers’ Organisation, though without a barrel to its name. In February, Russia bombed airports and smashed to pieces the world’s biggest cargo planes which delivered several boxes of masks to Namibia last year. The impact of its invasion of Ukraine became known mid-year, when households were subjected to paying N$150 for a 2-litre bottle of cooking oil, and had to start paying exorbitant prices for bread and fuel. The prices of cooking oil, wheat and rice have since normalised. Markets are driven by fear, and risk officers are now including uncertainty in their strategic responses. Trade between countries has become difficult. The war has led to high prices for most goods and services; inflation squeezed the pockets of many this year, but this has normalised somewhat in the last two months. The Bank of Namibia (BoN) announced high interest rates for most Namibians, but for Trustco’s founder, Quinton van Rooyen, and Namibian Economic Freedom Fighter activist Michael Amushelelo it’s personal. The central bank is fighting their business operations. Finance minister Iipumbu Shiimi tabled 2022\/23’s national budget, dedicating it to the youth. Yesterday, a group of young artisans told The Namibian they have not been paid for the last four months. They have been doing work at the old State House. The most interesting business story this year was that some entities allegedly pay to be granted awards, even while sometimes undeserving. There were talks about over N$70 000 paid by the Namibia Investment Promotion and Development Board; about N$200 000 paid by the Namibia University of Science and Technology (Nust), as well as the City of Windhoek, among many others, for ‘winning’ numerous PMR Golden Arrow Awards over the years. Meanwhile, Debmarine Namibia commissioned its N$7 billion Benguela Gem diamondmining vessel in time and below budget at Walvis Bay. The ship can recover some 500 000 carats a year. Willy Mertens will take over as Debmarine’s chief executive officer in 2023, following Otto Shikongo’s retirement. Mid-year, Meatco exported a first consignment of beef from Namibia’s northern communal areas to Ghana, which arrived at Tema port in Accra on 29 June. Although this is good news for northern farmers, whom Job Amupanda is still fighting for to remove the veterinary cordon fence (redline), a new company, Savanna Beef Processors, is being established, and it could just unseat Meatco in the coming years. The year was filled with conferences too. The Namibian team returned to the country from Dubai during the early months of the year, just to fly out again to Davos for the World Economic Forum, and to end the year in style at the COP27 climate conference in Egypt in November. Much of the gains from these events remain to be seen, and the public report on the Expo 2020 Dubai investment is still with the Cabinet. This we can bet on: The Namibia Revenue Agency (Namra) will never again burn ‘order with me’ goods, as it has caused the newly established organisation significant trouble.Small business owners are insulting Namra commissioner Sam Shivute and his spokesperson, Tonateni Shidhudhu, on a daily basis.Namra has faced threats after the agency destroyed about N$5 million worth of imported counterfeit goods. The agency has, however, eased its firm grip on taxpayers by relaxing the good standing certificate issuance rules \u2013 now allowing taxpayers to be issued with a certificate although they have penalties and interest. During the third quarter, the finance minister indicated that companies will soon start paying taxes at a much lower rate. Namibia last year exported close to one million kilograms of cobalt, mainly destined for China and Korea \u2013 worth N$97 million. Cobalt, known to mainly come from the Democratic Republic of Congo and mired in rumours of child labour, is a lucrative raw material used in the production of lithium-ion batteries. Lithium-ion batteries are used in smartphones, laptops, and electric vehicles. Data from the Namibia Statistics Agency shows that some 952 000kg worth of articles of cobalt were exported from the country. Much lithium exports continue to flow out under the auspices of testing, and so far, over 80 000 tonnes have left the country to be tested. Probably the best news for consumers is that NamPost this month launched a money transferring service, called PostPay, which will allow customers to send money from any NamPost branch to anyone with an MTC phone number. Through PostPay, the company said the receiver of the funds is notified by means of an SMS to redeem the money, which can be done at any of the 133 post offices countrywide. In return, the sender is notified by SMS that the funds they send have been received. This comes at a cost of N$7,95 for each transfer made, charged to the sender of the funds. The market still awaits electronic wallets being able to be withdrawn in other countries. Many uptown businesses believe the Namibia Local Business Association is not to be taken seriously, but it appears they know what they are doing. The year closed with a repo rate of 6,75% \u2013 now above Covid-19 levels. Another 2022 shout-out to the Ministry of Agriculture, Water and Land Reform spokesperson Jona Musheko for continuous updates on the ministry’s programmes and to social entrepreneur Kaveto Tjatjara whose venture, Flush and 19 other youth-led businesses have won grant funding of up to N$1,7 million each in this year’s African Youth Adaptation Solutions Challenge (YouthADAPT) competition. Email: lazarus@namibian.com.na Twitter: @Lasarus_A Taxpayers should, however, settle the capital balance, have a payment plan and stick to it, else they will not be issued with the certificate. Small businesses in Namibia employ much labour, and Start- Up Namibia is reportedly closing.Much work was done by Jesaya Hano-Oshike, Meike Neitz and their team. Through their work and others, Namibia improved its ranking from 99th to 91st out of 100 countries regarding start-ups for 2022, according to StartUpBlink. The year also saw local logistics and distribution start-up Jabu Logistics raise US$15 million from Tiger Global. The not-so-small business now has operations in Zambia, Botswana and South Africa. Notable deals for 2022 include South-Africa-based Airlink announcing it was buying a 40% strategic equity holding in privately owned FlyNamibia for an undisclosed sum. Owners of the Uis tin mine, AfriTin also listed on the Namibian Stock Exchange’s development board \u2013 now the eighth company on that board. The NSX now has 41 companies on all its boards. The Namibian Competition Commission (NACC) this year approved Heineken’s takeover of Namibia Breweries Limited, but imposed several stringent conditions on the deal. These conditions are wild, according to some analysts. Imagine being told to set up a small and medium enterprise (SME) fund because you want to buy another business. Either way, regulation is necessary, but too much of it has never worked to anyone’s benefit. I discovered a gem this year: The Library of Mistakes. It is a real library which documents terrible economic decisions and some good ones over the years. Deputy executive director of industrialisation and trade Michael Humavindu this year said no production would take place at the Peugeot-Opel plant at Walvis Bay until the Ministry of Finance approves the policy of tax rebates under the rules of origin of the Southern African Customs Union (Sacu). The year also saw the Ministry of Finance launching Namibia’s Welwitschia Sovereign Wealth Fund to be managed by the BoN and overseen by an independent board. Some N$50 million was put aside to start with, and the founding statement is on the BoN’s website. No chief executive officer, nor management, has been appointed yet. Penda Ithindi is, however, leading the establishing committee. After much struggling, the Johannesburg Stock Exchange suspended Trustco Holding Group’s shares, and the company is now forced to restate its financial statements, despite saying its profit of N$2,1 billion is correct. Electronic payment methods have changed the way consumers transact in the country, and last year moved over N$31,6 billion around in the Namibian economy \u2013 growing much faster than other payment methods. Important questions were also raised this year, like why commercial banks are charging customers who don’t normally bank with them higher interest on home loans. Rent is still high, with the average Namibian spending an estimated 39% of their income on accommodation. The country’s two biggest banking-backed financial institutions, Capricorn Group Limited and FirstRand Namibia, made a whopping N$2,3 billion in profit for the 2022 financial year. The two have a combined asset base of N$112 billion and control over 70% of banking activities in the country. Headed by Thinus Prinsloo and Conrad Dempsey \u2013 who earned a combined salary of N$13 million this year \u2013 the financial institutions have holdings in banking, insurance, microlending, property and information technology businesses. This is in the same league as Mobile Telecommunications Limited (MTC)’s executive salaries. Chief executive officer Licky Erastus and chief financial officer Thinus Smit have earned over N$10 million in the last year. Bonuses paid to them for the 2022 financial year were at N$2,8 million for Erastus, more than his salary of N$2,7 million, and N$1,5 million for Smit, who earns a salary of N$1,5 million. Pro-agriculture economist and analyst Salomo Hei is now the interim managing director of the Agro-Marketing and Trade Agency (Amta). There were key retirements announced this year; the Development Bank of Nambia’s chief executive Martin Inkumbi, the Government Institutions Pensions Fund chief executive David Nuyoma and Standard Bank Namibia chief financial officer Laetitia du Plessis all indicated that they were stepping down from their roles. Interesting announcements were also made, like the appointment of Anicia Peters as the new chief executive of the National Commission on Research, Science and Technology. Bonds and treasury bills were still flying off the BoN’s shelves this year. Much of the bonds were oversubscribed, and by the end of the third quarter, the central bank scooped much cheap cash off the market. Eskom in neighbouring South Africa continues to battle, although Namibia’s national power utility has indicated it does not rely on Eskom much, but is leaning over to Zambia, which now supplies over 50% of the country’s imported electricity.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. This was truly the buzzword of 2022. What started off as noise appears to be gaining traction and attracting interest. About N$500 million has been promised by the German government, of which part has already been expended. Even the recently held Swapo vice presidency elections had contenders pushing the green narrative. Presidential […]<\/p>\n","protected":false},"author":84,"featured_media":36472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,236,233],"class_list":["post-36473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\n2022: The Year of Green Hydrogen - Namibia<\/title>\n<meta name=\"description\" content=\"This was truly the buzzword of 2022. 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