{"id":63303,"date":"2024-02-21T10:19:18","date_gmt":"2024-02-21T10:19:18","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat"},"modified":"2024-02-21T10:44:59","modified_gmt":"2024-02-21T10:44:59","slug":"meatcos-commercial-status-under-threat","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat","title":{"rendered":"Meatco\u2019s commercial status under threat"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The struggling Meat Corporation of Namibia (Meatco) is under threat from new private sector entrants in the lucrative meat industry. This is because private entities such as Beefcor Namibia and Savanna Beef Namibia are expected to erode Meatco\u2019s commercial position, which has already deteriorated in recent years and have been exacerbated by drought conditions.<\/p>\n

\u201cGovernment is likely to claim that Meatco plays an important role in marketing beef from the Northern Communal Areas (NCAs). But subsidising Meatco for just this purpose seems a poor use of resources,\u201d local economist, Robin Sherbourne, claimed. This comment was made in the recently released Institute for Public Policy Research (IPPR)\u2019s fourth quarter (2023) economic review. The arrival of Savanna Beef two years ago, which is a conglomerate of private beef producers, is seen by certain quarters as a direct threat to Meatco\u2019s existence.<\/p>\n

Its proponents, however, opine that healthy competition is necessary to avoid a monopoly, which Meatco currently enjoys.<\/p>\n

Savanna Beef is expected to kick off with full-scale operations in the final quarter of 2024.<\/p>\n

Furthermore, in a report dated 22 March 2023 by Ombu Capital, a firm owned by former Standard Bank Namibia CEO Vetumbuavi Mungunda, Meatco was reported as losing at least N$5 million a week.<\/p>\n

The Ombu Capital report documents a seven-months process of analysis and sector-wide consultation and recommends what the authors view as a viable business model for Meatco\u2019s long-term sustainability.<\/p>\n

\u201cMeatco is currently incurring monthly losses exceeding N$20 million per month, which must be stemmed before these place Meatco\u2019s operational existence and the livestock sector at risk, a sector which sustains over 60% of Namibia\u2019s livelihoods,\u201d Mungunda stated in the report.<\/p>\n

At the time of its compilation, Meatco\u2019s liabilities exceeded its assets by N$133.2 million.<\/p>\n

\u201cThere is a presumption of reckless trading when conducting business under these circumstances,\u201d the report states. According to the report, Meatco is facing an existential threat to its existence.<\/p>\n

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

Africa-Press – Namibia. The struggling Meat Corporation of Namibia (Meatco) is under threat from new private sector entrants in the lucrative meat industry. This is because private entities such as Beefcor Namibia and Savanna Beef Namibia are expected to erode Meatco\u2019s commercial position, which has already deteriorated in recent years and have been exacerbated by […]<\/p>\n","protected":false},"author":84,"featured_media":63302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-63303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nMeatco\u2019s commercial status under threat - Namibia<\/title>\n<meta name=\"description\" content=\"The struggling Meat Corporation of Namibia (Meatco) is under threat from new private sector entrants in the lucrative me ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meatco\u2019s commercial status under threat\" \/>\n<meta property=\"og:description\" content=\"The struggling Meat Corporation of Namibia (Meatco) is under threat from new private sector entrants in the lucrative me ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-21T10:19:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-21T10:44:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/02\/sm_1708499617.840675.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Meatco\u2019s commercial status under threat\",\"datePublished\":\"2024-02-21T10:19:18+00:00\",\"dateModified\":\"2024-02-21T10:44:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\"},\"wordCount\":337,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/02\/sm_1708499617.840675.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/meatcos-commercial-status-under-threat\",\"name\":\"Meatco\u2019s commercial status under threat - 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