WINDHOEK, May 12 (Reuters)&nbsp;&#8211;&nbsp;Namibia on Thursday launched a sovereign wealth fund, months after oil discoveries by TotalEnergies&nbsp;TTEF.PA&nbsp;and Shell&nbsp;SHEL.L&nbsp;off its coast.



President Hage Geingob said at the launch the Welwitschia Fund would get an initial injection of 262 million Namibian dollars ($16.15 million) and invest 2.5% of its portfolio locally to bridge the country&#8217;s infrastructure financing gap.



The fund will collect some of the royalties from all mineral resources sold as well as some tax revenues and money raised by the government divesting from its investment holdings.



&#8220;We are looking forward to the prospects and opportunities that will emanate from the recent discoveries of oil and the green hydrogen energy, which have the potential to further boost the fund&#8217;s capital,&#8221; Geingob said.



Other resource-rich African countries that have sovereign funds include Angola, Botswana, Libya and Nigeria.



TotalEnergies said in February its Venus prospect offshore Namibia had found a good quality reservoir, which one source told Reuters was more than 1 billion barrels of oil equivalent. That find was the second major discovery in a month after Shell also announced a significant find.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2UZ0ND&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Known for its gem-quality diamonds, gold and uranium, Namibia has considered creating a sovereign fund since 2009.



It is aiming to become a green hydrogen player by 2026 and has selected a preferred bidder for a multi-billion dollar project.



($1 = 16.2180 Namibian dollars)



(Reporting by Nyasha Nyaungwa, Editing by Alexander Winning and Angus MacSwan)

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Namibia launches sovereign wealth fund following oil discoveries

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
African Union Member States (55) reporting COVID-19 cases (4,812,313), deaths (130,025) and recoveries (4,351,816) by region: Central (172,873 cases; 2,781 deaths; 159,001 recoveries): Burundi (4,650; 6; 4,198), Cameroon (77,982; 1,270; 72,926), CAR (7,085; 97; 6,665), Chad (4,927; 173; 4,742), Congo (11,658; 153; 10,591), DRC (31,386; 782; 27,654), Equatorial Guinea (8,476; 113; 8,146), Gabon (24,365; 150; 21,791), Sao Tome and Principe (2,344; 37; 2,288) Eastern (647,406; 12,678; 536,199): Comoros (3,949; 146; 3,719), Djibouti (11,523; 153; 11,354), Eritrea (4,022; 14; 3,812), Ethiopia (270,944; 4,139; 235,850), Kenya (170,041; 3,124; 116,018), Madagascar (41,184; 828; 40,028), Mauritius (1,356; 17; 1,181), Rwanda (26,878; 352; 25,542), Seychelles (11,145; 40; 9,936), Somalia (14,647; 768; 6,717), South Sudan (10,688; 115; 10,514), Sudan (35,289; 2,600; 27,949), Tanzania** (509; 21; 178), Uganda (45,231; 361; 43,401) Northern (1,453,109; 43,808; 1,276,107): Algeria (128,198; 3,586; 89,292), Egypt (259,540; 14,950; 190,254), Libya (184,815; 3,116; 171,279), Mauritania (19,407; 462; 18,377), Morocco (518,458; 9,135; 506,443), Sahrawi Arab Democratic Republic (739; 46; 691), Tunisia (341,952; 12,513; 299,771) Southern (2,066,519; 64,531; 1,933,721): Angola (33,607; 745; 27,529), Botswana (56,313; 831; 50,494), Eswatini (18,587; 672; 17,855), Lesotho (10,825; 326; 6,434), Malawi (34,323; 1,154; 32,598), Mozambique (70,697; 835; 69,232), Namibia (54,268; 807; 50,053), South Africa (1,654,551; 56,293; 1,551,520), Zambia (94,430; 1,275; 91,443), Zimbabwe (38,918; 1,593; 36,563) Western (472,406; 6,227; 446,788): Benin (8,058; 101; 7,893), Burkina Faso (13,424; 166; 13,248), Cabo Verde (30,122; 261; 28,163), Côte d&#39;Ivoire (47,195; 301; 46,591), Gambia (5,990; 178; 5,767), Ghana (93,775; 784; 91,853), Guinea (23,110; 161; 20,840), Guinea Bissau (3,760; 68; 3,511), Liberia (2,179; 86; 2,033), Mali (14,262; 516; 9,559), Niger (5,409; 192; 5,080), Nigeria (166,254; 2,071; 156,546), Senegal (41,296; 1,138; 39,932), Sierra Leone (4,140; 79; 3,128), Togo (13,432; 125; 12,644)Distributed by APO Group on behalf of Africa Centres for Disease Control and Prevention (Africa CDC).
Media files

Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.
Newly confirmed cases: 365 Recoveries: 383 Active cases: 3397 Deaths: 12
 Distributed by APO Group on behalf of Ministry of Health and Social Services, Namibia.

Coronavirus – Namibia: COVID-19 update (28 May 2021)

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Namibia’s second quarter GDP contracted by 11.1 per cent, this was in line with market expectations despite a surge in activity in its Agriculture sector. A slew of African countries will also release GDP numbers this week with eyes on Kenya, Botswana and Mauritius. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.

Namibia’s second quarter GDP contracts by 11.1%

WINDHOEK (Reuters) &#8211; Dirk Mudge, a white Namibian who began his political life with the pro-Apartheid National Party but later lobbied for Namibia’s independence from South African white-minority rule, has died after contracting COVID-19, aged 92.



He died in a hospital in the capital Windhoek late on Tuesday.



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A polarising figure, Mudge’s opponents accused him of delaying Namibia’s independence from neighbour South Africa by setting up a 1975–77 national conference.



It aimed to make small reforms that would appease Namibia’s indigenous population and prevent a full-scale independence war with rebels.



Namibia, a former German colony, had been run by South Africa since World War I, when the latter was under British imperial rule. It only achieved independence in 1990, nearly six decades after Britain relinquished control of South Africa, whose settler Afrikaner community went on to create Apartheid.



Mudge joined the Namibian branch of the white nationalist party in 1955, but later realised that its white rulers’ best interests lay in negotiating with the black majority to open up to democracy &#8211; much as F.W. de Klerk later did in South Africa.



“Although we represented different political backgrounds and ideals &#8230; Dirk Mudge &#8230; was a leader who was willing to make compromises in the interest of peace and a new Namibia,” Namibian President Hage Geingob said in a statement.



Mudge was a member of the Constituent Assembly, which drafted Namibia’s constitution after the 1989 election that led to the country’s independence a year later.

mudge

Namibia Apartheid politician turned independence advocate dies of COVID-19

WINDHOEK (Reuters) &#8211; The Namibian government has approached the International Monetary Fund (IMF) for a 4.5 billion Namibian dollars ($274 million) emergency loan to help fight the COVID-19 pandemic, a Ministry of Finance spokesman said on Wednesday.



“We submitted an application to IMF last week. We will assess the terms and conditions to see if they are favourable to Namibia,” the ministry’s spokesman Tonateni Shidhudhu told Reuters.



Namibia had previously avoided loans from the IMF since becoming a member in 1990, but the coronavirus pandemic has seen many nations seek assistance from the lender in recent months.



The IMF on Monday approved $4.3 billion in emergency financing for South Africa to help address the “severe economic impact” and health challenges of the coronavirus pandemic.



In Namibia, confirmed COVID-19 cases have surged in recent weeks after a slower infection rate at the start of the outbreak in the country in March.



So far, Namibia has 1,917 cases and has recorded eight deaths.



Its budget deficit for the current fiscal year is seen widening to 68.7% of gross domestic product, from an estimate of 54.8% in the previous year.



($1 = 16.4130 Namibian dollars)

IMF_logo

Namibia seeks IMF funding to help fight COVID-19

NKC African Economics expects the coronavirus-related knock to economic
growth in Africa’s three largest economies alone to shave off 1 ppt from the
continent’s GDP growth this year, from 3.8% to 2.8%. 



Preliminary estimates point towards the weakest continental growth
since the early 1990s.



The continent’s three largest economies, South Africa, Nigeria and
Egypt – together accounting for just under 60% of African GDP – will see a
significant weakening in economic growth this year. 



This slowdown in economic activity will permeate through the
continent as these countries are salient drivers behind economic growth in
their respective regions.&nbsp; 



In addition to the indirect effects stemming from weakness in the
largest economies, other African nations will also have to deal with a much
more volatile external economic environment. 



The collapse in tourism will weigh on economic growth in many
countries (particularly the island nations, Morocco, Egypt, and Tunisia), while
a reduction in both export demand and commodity prices will weaken fundamentals
in Africa’s more export-oriented economies (most notably the oil producing
nations).&nbsp; 



The escalation in the Covid-19 outbreak in Africa implies there is
a lot more at stake than foregone economic production. 



Most African countries will not be able to effectively implement
the severe restrictions on movement that we have seen globally. The
impracticality of implementing widespread self-quarantine in shantytowns or
informal settlements means that this will not be an option. Mismanagement of
the situation could lead to human costs far exceeding economic losses.



Tourism is a key forex generator and employment creator across the
continent. Severe travel restrictions, border closures and lockdowns in key
source markets will result in a collapse in tourism during the first half of
the year, at least. 



Domestic and intra-Africa tourism have been key drivers behind
growth in overall tourism in recent years, but as more Covid-19 cases are
confirmed on the continent we will see an increase in domestic travel
restrictions and regional border closures. 



The island nations will be hardest hit, but the mainland will feel
the effects in the North (particularly in Tunisia, Morocco and Egypt), South
(Namibia, Botswana), East (Tanzania, Rwanda, Kenya) and West (Côte d’Ivoire,
The Gambia, Cameroon). 



Low barriers to entry have led to tourism becoming a key source of
employment. The island nations in particular are dependent on tourism to
generate employment, most notably the Seychelles (where tourism accounts for
around 44% of formal employment), Cape Verde (39%) and Mauritius (19%). 



Tourism has also become a salient job creator on the African
mainland, and a slump in the sector could result in rapid job losses given the prevalence
of micro- and small-sized enterprises operating in the sector.&nbsp; 



The slowdown in global economic activity will translate into a
reduction in demand, while lower commodity prices will compound this negative
effect on exports. 



Africa’s energy exporters will struggle to come to terms with a
much more hostile external environment. Countries such as Nigeria, Angola and
Gabon are highly dependent on oil exports not only to generate forex but also
to fund government spending. 



Countries including Namibia, Zambia, Botswana and Mozambique are
dependent on mineral exports for the same reasons. 



Generally speaking, countries that have a GDP structure orientated
towards exports will feel the pain of a weaker external environment.



Lower international energy prices will have a detrimental impact
on the continent’s oil exporters, but many other countries stand to benefit. 



A reduction in the oil imports bill will have a favourable impact
on external balances while also containing consumer price inflation. Lower
inflation will support consumer spending at a time when a weak external
environment increases the importance of domestic consumption in driving overall
economic growth.&nbsp; 



The South African economy had already entered 2020 on a very
fragile footing before the dramatic external developments related to the
Covid-19 pandemic. NKC forecasts a 5% real GDP contraction this year. Domestic
policy uncertainty and supply-side constraints have now been accompanied by a
deterioration in global business sentiment and a drop in demand for South
African goods, all weighing on the country’s economic recovery prospects. 



In addition, the three-week long nationwide lockdown, which
commenced on March 27, will result in a collapse in consumer spending. The
outlook could deteriorate further if the lockdown is extended.&nbsp; 



The coronavirus has not as yet, as far as we know, taken
significant hold in Nigeria. However, the weaker external environment and more
specifically, the recent collapse in international oil prices, will have a
marked impact on the economy’s performance this year.



Lower oil prices will result in tighter FX liquidity, rising
inflation, falling investment, lower fiscal expenditure and easing consumption
growth. 



As a result, NKC has revised its growth projection sharply lower
to 1.2% this year, with risks still firmly stacked to the downside. 



A more severe domestic outbreak of Covid-19 would cause
significant disruption to daily economic activity, particularly when
considering the population density in the country’s biggest cities. 



Despite the Egyptian government’s efforts, the number of confirmed
Covid-19 cases continues to rise considerably. 



The president has urged all citizens to stay at home for a two-week
period and a night-time curfew has been declared, while the possibility of a
formal lockdown in some regions is also circulating in local media. 



The fiscal deficit is set to widen significantly over fiscal year
(FY) 2019/20 and FY 2020/21 following the announcement of a stimulus and
bail-out package to the value of approximately E£100bn. 



Government revenues already came in far below budget during the
first half of FY 2019/20 and will take a massive knock during the second half
of the fiscal year, which ends in June. 



Lower economic growth reflects weaker consumption, investment, and
exports. 



The recently announced fiscal stimulus measures, however, should
prevent a collapse in domestic demand. 



The economic impact of the coronavirus epidemic will be
considerable, but the human costs will be higher yet. 



As of end March South Africa remains the hardest-hit African
country from a confirmed-case perspective and the expected economic hardship
reflects this. 



However, South Africa is also arguably the best-placed country on
the continent to deal with the pandemic. While it does have a large
immuno-compromised population due to its struggles with HIV, the country might
be able to leverage its sophisticated private healthcare sector to supplement
inadequate public services. 



Most other African nations will not have this benefit. 



Confirmed Covid-19 cases will undoubtedly increase across the
continent in coming weeks, and timely and effective government responses will
be required to ensure that this does not become another African tragedy.



Jacques Nel – Head of Africa Macro



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Op-Ed: African giants to stumble due to Covid-19 pandemic

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As COVID-19 cases climb in Africa, countries have had monetary responses to the issue such as South Africa and Namibia cutting by 100 basis points, Ghana by 150 and Nigeria keeping rates unchanged in yesterday’s MPC announcement. Joining CNBC Africa to unpack the economic impact of monetary response to COVID-19 in Africa is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking.

Absa’s Ridle Markus on Africa’s monetary response to COVID-19

NAIROBI (Reuters) &#8211; Several African governments on Sunday closed borders, canceled flights and imposed strict entry and quarantine requirements to contain the spread of the new coronavirus, which has a foothold in at least 26 countries on the continent as cases keep rising.



South African President Cyril Ramaphosa declared a national state of disaster and warned the outbreak could have a “potentially lasting” impact on the continent’s most-developed economy, which is already in recession. 



Measures to be taken there include barring travel to and from countries such as Italy, Germany, China and the United States. 



“Any foreign national who has visited high-risk countries in the past 20 days will be denied a visa,” he said, adding that South Africans who visited targeted countries would be subjected to testing and quarantine when returning home. 



South Africa, which has recorded 61 cases, will also prohibit gatherings of more than 100 people, Ramaphosa said. [nL8N2B8163] 



Kenyan President Uhuru Kenyatta said his government was suspending travel from any country with reported COVID-19 cases.



“Only Kenyan citizens, and any foreigners with valid residence permits will be allowed to come in, provided they proceed on self-quarantine,” he told the nation in a televised address. 



The ban would take effect within 48 hours and remain in place for at least 30 days, he said. 



Schools should close immediately and universities by the end of the week, he added. Citizens would be encouraged to make cashless transactions to cut the risk of handling contaminated money. 



Kenya and Ethiopia have now recorded three and four cases respectively, authorities in each nation said on Sunday, two days after they both reported their first cases. 



In West Africa, Ghana will ban entry from Tuesday to anyone who has been to a country with more than 200 coronavirus cases in the past 14 days, unless they are an official resident or Ghanaian national. Ghana has recorded six cases. 



President Nana Akufo-Addo said in a televised Sunday evening address that universities and schools will be closed from Monday until further notice. Public gatherings will be banned for four weeks, he said, though private burials are allowed for groups of less than 25 people. 



In southern Africa, Namibia ordered schools to close for a month after recording its first two cases on Saturday. 



Djibouti, which has no confirmed case of COVID-19, said on Sunday it was suspending all international flights. Tanzania, which also has no cases yet, canceled flights to India and suspended school games. 



Other nations have also shuttered schools, canceled religious festivals and sporting events to minimize the risk of transmission. Some 156,500 people worldwide have been infected and almost 6,000 have died. [nL4N2AY3AS] 



(Reporting by Wendell Roelf in Cape Town, Edward McAllister in Dakar, Omar Mohammed and Duncan Miriri in Nairobi, Giulia Paravicini in Addis Ababa, Nyasha Nyaungwa in Windhoek and Christian Akorlie in Accra; Writing by Giulia Paravicini; Editing by Alexandra Hudson, Peter Cooney and Diane Craft)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP">https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP</a> and is republished with its permission.

African nations close borders, cancel flights amid coronavirus pandemic

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Joining CNBC Africa for Africa Exchange segment is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking for the slew of monetary data that is out in Botswana, Zambia and Namibia and the possible impact of the Coronavirus on Sub-Saharan Africa.

How the coronavirus outbreak impacts SSA’s growth outlook

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Joining CNBC Africa for today’s Africa exchange segment is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking to discuss Zambia’s energy crisis.

What is behind Zambia’s deepening energy

What is behind Zambia’s deepening energy, economic crisis?

WINDHOEK (Reuters) &#8211; Namibians voted on Wednesday in what was expected to be the toughest contest yet for the party that has ruled for three decades of independence, an election it was still expected to win despite a brutal economic crisis. 



President Hage Geingob, Namibia’s third leader since the sparsely populated and mostly arid country freed itself from the shackles of apartheid South Africa in 1990, is seeking a second and final term from 1.3 million registered voters.



He faces nine challengers including Panduleni Itula, a dentist-turned-politician who is a member of the ruling SWAPO party but is running as an independent. Itula is popular with young people, nearly half of whom are unemployed.



Concurrent legislative polls will elect 96 members of parliament, testing SWAPO’s 77-seat majority. Polls opened at 7 a.m. (0500 GMT) and close at 9 p.m. (1900 GMT).



Results are expected within 48 hours.



Namibia’s ruling party has successfully tackled problems left over from decades of neglectful rule by a German colonial and later white minority South African administrations. The proportion of Namibians living below the poverty line fell by three quarters, from nearly 70 percent in 1993 to 17 percent in 2016, according to World Bank figures.



But now SWAPO is contending with an economy that has been in recession for nearly three years, one of Namibia’s worst-ever droughts and the biggest corruption scandal in its history — all of which have conspired to make this election unexpectedly tough for Geingob, who won by 87% last time.



“I campaigned like hell but if I lose I will accept that. I am a democrat,” Geingob told reporters shortly after voting.



The economy has been marred by a drought that ravaged agricultural export crops, as well as by unprofitably low prices for Namibia’s main hard commodities, uranium and diamonds.



The Bank of Namibia expects the domestic economy to contract for a third year in 2019, by 1.7%.



A scandal in which two ministers were alleged to have conspired to dole out fishing licences to Iceland’s biggest fishing firm, Samherji, in return for kickbacks has also taken the shine off the ruling party.



Yet loyalty to the former guerrilla movement remains high.



“Namibia has gone through a very terrible time,” Leevylee Abrahams said, after casting his vote. “But I’m voting for continuity because I believe that this government can really improve the lives of people, given a chance again.”



Whether the result is close or not, a SWAPO win is likely to be controversial, especially since the court threw out a case mounted by the opposition against the use of electronic voting machines it fears will be used to cheat.



The military said in a statement it was on high alert for violence, which Namibia has avoided in previous polls.



Writing by Tim Cocks; Editing by Paul Tait

Namibia

Namibians vote in tight contest clouded by economic crisis, what you need to know

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A new booked launched in Joburg this week, it promises to take the readers back into the dark days of struggle in Southern Africa. It&#8217;s written by a judge in the supreme court of Namibia, David Smuts, and is a memoir of his battle as a young lawyer in the 1980s to speak truth to power during the desperate days of the country’s border war with Angola. He spoke to CNBC Africa’s Chris Bishop.

How a young Windhoek lawyer felt compelled to take on the system

It was a <a href="https://www.cnbcafrica.com/wef/" target="_blank" rel="noreferrer noopener" aria-label="World Economic Forum (WEF) (opens in a new tab)">World Economic Forum </a><a href="https://www.cnbcafrica.com/wef/" target="_blank" rel="noreferrer noopener" aria-label="World Economic Forum (WEF) (opens in a new tab)">(WEF)</a> on Africa like no another as thousands of delegates from around the world descended on Cape Town, South Africa from the 4th-6th September. &nbsp;They were there to <a href="https://www.cnbcafrica.com/videos/2019/09/05/how-to-garner-a-large-slice-of-africas-overcrowded-telecoms-market/">strike deals</a>, see what the <a href="https://www.cnbcafrica.com/videos/2019/09/05/standard-chartered-banks-saif-malik-on-the-digital-era-of-banking-in-africa/">best of Africa had to offer</a> and <a href="https://www.cnbcafrica.com/uncategorized/2019/09/10/wef-africa-debate-africas-economic-update/">how its economies are performing</a>. For example, <a href="https://www.cnbcafrica.com/videos/2019/09/09/zimbabwe-is-working-on-currency-challenges-mnangagwa/">Zimbabwe’s President Emmerson Mnangagwa</a>, <a href="https://www.cnbcafrica.com/videos/2019/09/04/masisi-khama-is-not-botswana-and-neither-is-masisi/">Botswana’s President Mokgweetsi Masisi</a>, <a href="https://www.cnbcafrica.com/uncategorized/2019/09/06/the-good-the-bad-and-ugly-zimbabwes-founding-father/">Namibia’s President Hage Geingob</a> and <a href="https://www.cnbcafrica.com/videos/2019/09/04/finmin-mthuli-ncube-on-the-investment-case-for-zimbabwe/">Zimbabwe’s Finance Minister Mthuli Ncube</a> went into detail during their interviews with CNBC Africa at the World Economic Forum Africa on how their Southern African counties are open for business.


		
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The delegates were also there to discuss and
devise polices on “<a href="https://www.cnbcafrica.com/uncategorized/2019/09/12/why-siemens-believes-east-africa-is-an-investment-hotspot/">Shaping
Inclusive Growth</a> and <a href="https://www.cnbcafrica.com/uncategorized/2019/09/10/visa-breakfast-panel-the-impact-of-4ir-on-the-state-of-female-entrepreneurship/">Shared
Futures in the Fourth Industrial Revolution</a>”, a subject both South Africa’s
<a href="https://www.cnbcafrica.com/videos/2019/09/02/shaping-inclusive-growth-and-shared-futures-in-4ir-wef-africa-holds-media-briefing-ahead-of-wef-2019/">Finance
Minister Tito Mboweni</a> and <a href="https://www.cnbcafrica.com/videos/2019/09/04/emir-sanusi-on-how-can-africa-achieve-inclusive-growth/">Nigeria’s
Emir of Kano Muhammadu Sanusi II</a> where particularly passionate about. 



But while inside the Cape Town
International Convention Centre (CITCC) things were cordial it was outside the
CITCC where the real action was happening. 



<a href="https://www.cnbcafrica.com/videos/2019/09/04/sa-women-protest-against-gbv-at-wefafrica19/">Hundreds
of protesters gathered</a> against gender-based violence, and members of the
Nigerian delegation departed on the first day of WEF Africa in protest against
the xenophobic violence that rocked the country. &nbsp;Even South Africa’s <a href="https://www.cnbcafrica.com/uncategorized/2019/09/05/sa-president-addresses-gbv-afrophobic-violence/">President
Cyril Ramaphosa had to take time out of his busy schedule</a> at WEF Africa to
address the continent and investors on these matters. 


		
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Delegates at the event spoke out strongly against
Afrophobia during their interviews with CNBC Africa, such as: 



<ul><li><a href="https://www.cnbcafrica.com/videos/2019/09/04/anglogold-ashantis-sipho-pityana-on-how-sa-is-dealing-with-xenophobic-attacks/">AngloGold Ashanti’s Sipho Pityana on how SA is dealing with xenophobic attacks</a></li><li>South Africa’s International Relations and Cooperation Minister Naledi Pandor: <a href="https://www.cnbcafrica.com/videos/2019/09/05/sa-embassy-shut-in-nigeria-buhari-still-to-visit/">SA embassy shut in Nigeria – Buhari still to visit</a></li><li>The African Union Commission’s <a href="https://www.cnbcafrica.com/videos/2019/09/04/albert-muchanga-on-how-mutual-tolerance-is-key-in-trade-xenophobia-africas-shared-future/">&nbsp;Albert Muchanga: on how mutual tolerance is key in trade, xenophobia &amp; Africa’s shared future</a>.</li></ul>



On the final day WEF Africa was also marked
by the passing of an African villain and liberator, Zimbabwe’s former President
Robert Mugabe, both inside and outside the CITCC people remembered him. 



Such as:



<ul><li>&nbsp;<a href="https://www.cnbcafrica.com/uncategorized/2019/09/06/namibian-president-geingob-on-the-good-the-bad-and-ugly-zimbabwes-founding-father/">Namibian
president Geingob on the good, the bad and ugly: Zimbabwe’s founding father</a></li><li><a href="https://www.cnbcafrica.com/videos/2019/09/06/zanu-pf-spokesperson-mandaza-reflects-on-mugabes-contribution-to-zimbabwes-liberation-struggle/">Zanu-PF
Spokesperson Mandaza reflects on Mugabe’s contribution to Zimbabwe’s liberation
struggle</a></li><li><a href="https://www.cnbcafrica.com/videos/2019/09/06/tiamiyou-radji-on-mugabe-the-fight-he-fought-has-yielded-freedom-for-us/">Tiamiyou
Radji on Mugabe: “The fight he fought has yielded freedom for us”</a></li></ul>

Missed the World Economic Forum (WEF) Africa 2019? Here are all the highlights

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Namibia’s economy is in recovery after suffering from a two year recession. Joining CNBC Africa for more on this is Benedict Craven, Principal Economist for Africa.

Namibia’s journey of economic recovery

WINDHOEK (Reuters) &#8211; Namibia is to host a two-day economic summit which is expected to attract at least $1 billion worth of investments over the next two years, the Ministry of Information and Communications Technology said on Wednesday.



Namibia’s economy has contracted for the last two years, and the southwest African nation has been ravaged by a drought which the meteorological services estimate to be the deadliest in 90 years.



The economic summit, which will take place from July 31 to Aug. 1 in the capital Windhoek, is aimed at reviving and growing the Namibian economy, creating job opportunities and attracting investment opportunities, the ministry said in a statement.



It will also seek to promote Namibia as an investment and tourist destination as well as identifying and removing bottlenecks that are slowing the growth of the local economy.



The International Monetary Fund projects that Namibia’s economy, which contracted by 0.8% and 0.1% in 2017 and 2018 respectively, will mildly contract again this year due to poor rains and reduced diamond production.



About 600 delegates from across the country, Africa and the world are expected to attend the summit, which is the first of its kind.



“The summit will provide a platform to showcase growth and investment prospects in the local economy as well as present local and international investors with a portfolio of investment projects in several sectors,” the ministry said.



Reporting by Nyasha Nyaungwa; Editing by Alison Williams

Namibia aiming for $1 billion worth of investments, here’s what you need to know…

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Tensions are building up between Namibia and National Association of Automobile Manufactures of SA. This after the country allowed car brand-manufacture, Peugeot to open an assembly plant there. Nico Vermeulen, Director of NAAMSA joins CNBC Africa for more.

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Absa’s Ridle Markus on Africa’s monetary response to COVID-19

African nations close borders, cancel flights amid coronavirus pandemic

How the coronavirus outbreak impacts SSA’s growth outlook

What is behind Zambia’s deepening energy, economic crisis?

Namibians vote in tight contest clouded by economic crisis, what you need to know

How a young Windhoek lawyer felt compelled to take on the system

Missed the World Economic Forum (WEF) Africa 2019? Here are all the highlights

Namibia’s journey of economic recovery

Namibia aiming for $1 billion worth of investments, here’s what you need to know…

Showdown looms between Namibia & NAAMSA over Peugeot deal

News Tips

Advertise With Us

Namibia

Namibia launches sovereign wealth fund following oil discoveries

Coronavirus: African Union Member States reporting COVID-19 cases as of 29 May 2021, 9 am EAT

Coronavirus – Namibia: COVID-19 update (28 May 2021)

Namibia’s second quarter GDP contracts by 11.1%

Namibia Apartheid politician turned independence advocate dies of COVID-19

Namibia seeks IMF funding to help fight COVID-19

Op-Ed: African giants to stumble due to Covid-19 pandemic

Absa’s Ridle Markus on Africa’s monetary response to COVID-19

African nations close borders, cancel flights amid coronavirus pandemic

How the coronavirus outbreak impacts SSA’s growth outlook

What is behind Zambia’s deepening energy, economic crisis?

Namibians vote in tight contest clouded by economic crisis, what you need to know

How a young Windhoek lawyer felt compelled to take on the system

Missed the World Economic Forum (WEF) Africa 2019? Here are all the highlights

Namibia’s journey of economic recovery

Namibia aiming for $1 billion worth of investments, here’s what you need to know…

Showdown looms between Namibia & NAAMSA over Peugeot deal

News Tips

Advertise With Us

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