THE BRIEF

A monthly wrap-up of News Worth Knowing

NAMIBIA MOVING AHEAD WITH UNIVERSAL HEALTH PLANS

The Ministry of Health and Social Services (MoHSS) says it is still planning to implement universal health coverage (UHC), with the framework already approved by the Cabinet two years ago. According to MoHSS Minister, Kalumbi Shangula, the process is ongoing and involves extensive consultations with the public and various stakeholders. “Once these consultations conclude, a report will be compiled and reviewed before finalising the UHC implementation plan. The framework was approved by the Cabinet two years ago. We have set up structures, and consultation with the public, the government, and different stakeholders has been ongoing,” the Minister told The Brief.

He further explained that while there is no specific date for the UHC rollout, the current efforts aim to expand on primary health care and create a comprehensive UHC program. “It’s a process, so we don’t have a definite date of how long the process is going to take, but the most important element we are already implementing is primary health care,” he explained.

The UHC is expected to provide affordable health services to everyone in the country, as Namibia strives to reenvision the availability, accessibility, acceptability, and quality of health service delivery in a way that meets the needs and rights of all, especially key, marginalised, and vulnerable populations.

NAMRA PAYS N$10.4BN IN TAX REFUNDS, COLLECTS N$86.9BN

The Namibia Revenue Agency (NamRA) says it paid out N$10.4 billion in tax refunds at the end of the 2023-2024 financial year (FY23/24).

The national revenue collector collected N$86.9 billion in revenue, a 107.6% achievement from the N$71.1 billion target set for FY23/24. NamRA netted N$76.5 billion in revenue as of March 2024 after refunds.

The largest portion of tax revenue, according to NamRA Commissioner Sam Shivute, came from the international trade sector, contributing N$25.76 billion or 34% of the total, followed by individual income tax which contributed N$18.19 billion amounting to 24% and value-added tax (VAT) N$17.36 billion which is 23%. Corporate income tax contributed N$ 11 billion and 14% while CIT and other tax categories made up the remaining 14% amounting to 14,3 billion.

TOYOTA DRIVES NAMIBIA VEHICLE SALES WITH 50% MARKET SHARE IN APRIL

Toyota dominated Namibia’s vehicle sales in April 2024, with a 43.2% share of passenger vehicle sales and 50% of total sales, latest data reveals. According to data provided by Cirrus Capital’s Head of Data & Analytics, Tannan Groenewald, out of the 411 passenger units sold during the period under review, 174 were Toyota vehicles.

The Toyota Landcruiser PU and Hilux emerged as favourites among consumers, contributing to Toyota’s substantial presence in the industry.

Meanwhile, in passenger vehicles, Volkswagen trailed behind with a 14.1% market share, followed by Kia and Suzuki with shares of 11.7% and 9.0%, respectively.

PARATUS RAISES OVER N$600M FROM INVESTORS, DOUBLES MARKET CAP

Paratus Namibia Holdings Limited (Paratus) has successfully raised over N$600 million from its recent rights issue to expand its offerings by enhancing its core systems and infrastructure.

The raised capital, according to the telecommunications company, has been sourced from a diverse group of investors, including the Paratus Group (61.9%), institutional investors (34%), Paratus employees (2.6%), and retail investors (1.5%).

“Paratus Namibia Holdings Limited, in partnership with Cirrus Capital, a fully Namibian-owned financial services firm, has worked diligently to engage and inform both local and foreign shareholders regarding the Rights Issue, to ensure their comprehensive understanding and participation in the process. The successful investment secured from prominent institutional investors and additional investment from Paratus Group shareholders has contributed to the significant capital raised,” Paratus said.

The capital infusion, according to Paratus, has effectively doubled the company’s market capital on the Namibian Stock Exchange (NSX), and will be strategically allocated to expand Paratus Namibia’s existing offerings.

NAMIBIA, SOUTH AFRICA SET TO PARTNER ON AFRICA’S FIRST GREEN HYDROGEN PIPELINE

President Nangolo Mbumba has announced that Namibia and South Africa are set to collaborate on a groundbreaking initiative to develop Africa’s first-ever green hydrogen pipeline. He said this at the World Hydrogen Forum in the Netherlands. According to Mbumba, the partnership includes the Western Cape Development Agency (Wesgro) and the Northern Cape Economic Development, Trade and Investment Promotion Agency (NCEDA) from South Africa, along with Gasunie, a leading Dutch hydrogen infrastructure developer.

“This partnership aims to study the feasibility of building Africa’s first cross-country green hydrogen pipeline, connecting Namibia and South Africa and facilitating significant trade of a new product between our two countries,” he said.

Among some of the envisioned projects is the development of a 2,500-km cross-border pipeline from Lüderitz to Saldanha, a project which the Namibian Green Hydrogen Commissioner, James Mnyupe estimates will cost N$352.6 billion. Mbumba further explained that Namibia currently hosts nine hydrogen projects across two developing hydrogen valleys, with the potential for a third anchored by its iron ore.

He also revealed the country’s plans to become a logistics hub for the Southern African region through the development of an ammonia bunkering hub and a green hydrogen-powered train. These initiatives aim to decarbonise shipping and longhaul logistics routes, ensuring goods transported via Namibia’s ports minimise both scope 2 and scope 3 emissions.