BoN signs MoU with NTA

29 March 2019 | Business

The Bank of Namibia (BoN) and the Namibia Training Authority (NTA) recently signed a memorandum of understanding (MoU) to support the NTA’s apprenticeship programme, which is aimed at improving the quality of artisans emerging from the technical and vocational education and training (TVET) sector.

The BoN has long considered the TVET sector as an enabler of economic growth through skills development and employment creation.

The bank recently held its annual symposium which focused on the TVET sector. It brought to light a number of shortcomings that constrain the sector from realising its full potential as envisioned in the Fifth National Development Plan (NDP5) and the Harambee Prosperity Plan (HPP).

Stakeholders at the symposium identified the need for relevance and responsiveness of training programmes as a critical undertaking, which requires a concerted effort from policymakers, regulatory bodies, training institutions, and industry roleplayers towards equipping the next generation of artisans with the requisite skills to spearhead Namibia’s industrialisation drive.

In this vein, the BoN is delighted to be associated with the NTA’s pilot apprenticeship programme, which is a timely intervention aimed at accelerating the process of producing high-quality artisans for the industry.

The apprentices will be contracted by participating employers and assigned to experienced mentors to induct them and train them on-the-job in specific occupations.

The apprentices will gain much-needed skills through industry exposure and this will be complemented by theoretical training at identified vocational training centres for agreed periods, to guarantee a sound blend between theory and practice.

Under this sponsorship, the BoN has agreed to support the apprenticeship programme over a three-year period and cover the costs of 50 apprenticeships in highly sought-after occupations in the priority areas of agriculture, tourism and auto-mechanics.

The contribution will go towards the training and allowances of apprentices, while at the same time easing the employment cost on employers, with the aim of maximising access and exposure to industry-relevant technology and work practices.

At the signing ceremony, BoN deputy governor Ebson Uanguta said as a firm believer in the upliftment of the Namibian people, the bank is willing to play its part. “This strong commitment is demonstrated through the realignment of our corporate social investment and responsibility (CSIR) strategy to focus on the TVET sector. “Besides this collaboration with the NTA, the bank will also be providing bursaries to TVET trainers to upgrade their skills, and offer job attachments to TVET trainees at the bank.

“These modest contributions, we believe, will go a long way to assist government in its endeavour to make the TVET sector attractive to Namibian youth, and ultimately improve the quality of training,” Uanguta said.

NTA CEO Jerry Beukes underlined the importance of apprenticeships as a prerequisite for a relevant national TVET system.

“The NTA attaches significant importance to this national programme because we value the role structured TVET apprenticeships can play in developing an individual’s competencies, and in nurturing their ability to apply their skills to the tasks and demands of the workplace.

“We thank the BoN for its support, which can aptly be described as an investment in our country’s most important resource - its people,” he said.

Similar News

 

Bidvest Nam to delist from NSX

19 hours ago | Business

Bidvest Namibia will delist from the Namibian Stock Exchange (NSX) on 11 June, the company said in an announcement on the local bourse.This follows a...

Namport fires 86 employees

2 days ago - 20 May 2019 | Business

Leandrea Louw Namport has dismissed 86 container terminal workers who were involved in an illegal strike in August last year.Namport acting CEO Kavin Harry explained...

Debmarine to spend N$7bn on new vessel

5 days ago - 17 May 2019 | Business

Debmarine has announced that it will invest N$7 billion in a new vessel, which would contribute N$2 billion a year to the economy.The diamond miner...

Governmentpolicy causes economic decline

5 days ago - 17 May 2019 | Business

Local businesses burdened with a crushingly tough economic climate feel the government's policies have contributed to the current climate, particularly legislation aimed at empowerment and...

Phosphate mining headache continues

6 days ago - 16 May 2019 | Business

ELLANIE SMIT The Chamber of Mines of Namibia is concerned that a way forward on marine phosphate...

Save jobs, buy local

6 days ago - 16 May 2019 | Business

Team Namibia has urged Namibians “now more than ever” to buy local in order to have a positive impact on the economy, reduce poverty and...

Mining: Sunrise, sunset?

1 week ago - 15 May 2019 | Business

Jo-Maré Duddy - Namibia’s mining sector needs policies which will transform the sector from a perceived “sunset” industry to a “sunrise” industry.This will allow investment...

Elevating internal audit’s role: The digitally fit function

1 week ago - 15 May 2019 | Business

Organisations are rapidly rolling out digital initiatives in an arena defined by more data, more automation, sophisticated cyber attacks, and constantly evolving customer expectations. In...

Buy local to support the economy

1 week ago - 15 May 2019 | Business

Bärbel Kirchner - The current financial and economic situation has forced many households and businesses to tighten their budgets in order to avoid going into...

NEEEB dents business confidence

1 week ago - 15 May 2019 | Business

The Namibian private sector has lost substantial confidence in the government and has a generally negative feeling about its future in the country. ...

Latest News

Prisoner hid 'powdered milk' in...

10 hours ago | Justice

A Windhoek prisoner is suing the ministry of safety and security and a police officer for N$250 000 in damages on the basis that he...

Katrina's corruption trial draws to...

10 hours ago | Justice

Closing arguments in education minister Katrina Hanse-Himarwa's corruption trial were made in the High Court yesterday, with defence lawyer Sisa Namandje warning that “exaggerated rumours...

Fathers must step up

10 hours ago | Columns

Our lead story of yesterday, which highlighted the shame of absent fathers, sparked heated debate on social media. Most of the commentators sympathised with single...

Cases pile up at Oshakati

10 hours ago | Justice

A shortage of magistrates at the Oshakati Magistrate's Court has been blamed for the postponement of several cases since April. A clerk from the...

Woman gang-raped by four men

10 hours ago | Crime

A 29-year-old woman has been gang-raped by four men in Wanaheda. According to the police the incident happened in a riverbed between Luxury Hill...

NSFAF to fund 19% of...

10 hours ago | Education

The Namibia Students Financial Assistance Fund (NSFAF) will only grant financial assistance to 19% of its new, eligible applicants during this academic year, due to...

Good chance of weak El...

10 hours ago | Agriculture

Forecasts indicate that there is a 70% chance of weak El Niño conditions persisting until July this year. According to the latest Southern Africa Seasonal...

Agra launches weaner auction championships

10 hours ago | Agriculture

The 2019 Agra National Weaner Auction Championships was launched this month at the Agra/Bank Windhoek Ring. The championships aim to recognise and reward producers for...

LPM raises spectre of 'military...

10 hours ago | Politics

The Landless People's Movement (LPM) is concerned that Namibia may be turning into a military state.It believes there is a need for the United Nations...

Load More