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

 

Copper struggles on virus resurgence

18 hours ago | Business

Copper prices eased back yesterday from the highest levels in more than two years as Covid-19 cases surged, threatening to curb economic activity and metals...

'Broke' Edgars won't dent Oryx rent

18 hours ago | Business

Oryx Properties has shielded itself against possible vacant space in Maerua Mall resulting from Edcon's bankruptcy protection by reaching a lease agreement with South African-based...

Declining repo rate supports domestic activities

18 hours ago | Business

PHILLEPUS UUSIKUThe Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have cut the repo rate several times since both countries announced states...

Namdock jumps into staff housing delay

18 hours ago | Business

ELLANIE SMIT WINDHOEK Walvis Bay ship repair company, Namdock, says a new contractor should be appointed as soon as possible to proceed with a...

Mining safety worsens

18 hours ago | Business

ELLANIE SMITWINDHOEKDespite some impressive individual member achievements, overall safety at Namibia's mines declined last year.This is according to Chamber of Mines president Zebra Kasete, who...

COMPANY NEWS IN BRIEF

18 hours ago | Business

Shell launches cost-cutting drive Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major...

No fracking in Kavango - ministry

18 hours ago | Business

ELLANIE SMITWINDHOEKThe mines ministry has dismissed reports of fracking activities in the Kavango Region that could threaten the Okavango ecosystem.Reconnaissance Energy Africa (ReconAfrica) last week...

KIA Motors announces safety recall

18 hours ago | Business

KIA Motors South Africa (Pty) Ltd will conduct a safety recall on 2 175 KIA Sorento (BL) and KIA Carnival/Sedona (VQ) models manufactured in Korea...

Mining industry contracts 11.1%

1 day - 21 September 2020 | Business

ELLANIE SMITWINDHOEKThe mining industry has recorded a negative growth of 11.1% last year, a deep contraction from the positive growth of 16.1% in 2018.This is...

Start-up grant application date extended

1 day - 21 September 2020 | Business

ESTER KAMATIOTJIWARONGOThe applications for phase two of the financial assistance grant for start-ups, which was rolled out through a partnership between the ministry of industrialisation...

Latest News

Copper struggles on virus resurgence

18 hours ago | Business

Copper prices eased back yesterday from the highest levels in more than two years as Covid-19 cases surged, threatening to curb economic activity and metals...

'Broke' Edgars won't dent Oryx...

18 hours ago | Business

Oryx Properties has shielded itself against possible vacant space in Maerua Mall resulting from Edcon's bankruptcy protection by reaching a lease agreement with South African-based...

Teenager raped in quarantine

18 hours ago | Crime

JEMIMA BEUKES AND ADOLF KAURESWAKOPMUND/WINDHOEKSwakopmund State Hospital driver, 26-year-old Glenn Clifford Leister, has been denied bail by the local magistrate's court after appearing in connection...

Covid-19: Partying Namibians throw caution...

18 hours ago | Health

JEMIMA BEUKES WINDHOEKNamibians have thrown caution to the wind and are failing to adhere to regulations without being policed, after the Covid-19 state of emergency...

Swapo's Wakudumo and Shinduvi face...

18 hours ago | Politics

Kenya KamboweRUNDUThe Swapo Kavango East regional executive committee (REC) passed a motion of no confidence in the region's coordinator Ottilie Shinduvi and the regional mobiliser...

Kauhaie wins the crown

18 hours ago | Youth

Irene-Mari van der Walt Swakopmund • [email protected] the cancellation of the Mr Teen Swakopmund 2020, the Miss Teen Swakopmund 2020 pageant went ahead at...

Declining repo rate supports domestic...

18 hours ago | Business

PHILLEPUS UUSIKUThe Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have cut the repo rate several times since both countries announced states...

Government availing shacks humiliating

18 hours ago | Opinion

In January 2019, President Hage Geingob described shacks (corrugated iron homes) as a 'humanitarian crisis'. “We have a crisis where human beings are staying in...

World Tourism Day

18 hours ago | People

Michael ShagandjwaThe country should establish more unique heritage attractions that reflect our country’s background. Create an interesting image with reservations that are worth viewing and...

Load More