Nedbank Namibia, Simonis Storm review budget

Experts discussed the effect of the budget on ordinary Namibians and the business sector.

30 April 2019 | Economics

Keeping in mind that businesses are under immense pressure, there are not many initiatives in the budget aimed at tackling the tough situation. – Dr Edward Turner, Head: Nedbank Corporate and Investment Banking

A panel consisting of experts from Nedbank Namibia and Simonis Storm which reviewed the 2019/20 National Budget agreed that finance minister Calle Schlettwein presented a fair and neutral budget, but the real test remains in its implementation.

The panel discussion which aired live on the Nedbank Facebook page, took place just after Schlettwein tabled the budget in parliament. It was moderated by the managing director of Simonis Storm (SS), Bruce Hansen, and included the head of Nedbank corporate and investment banking, Dr Edward Turner, the head of Nedbank business banking, Britt du Plessis, the head of research at SS, Megameno Shetunyena, and SS economist, Indileni Nanghonga.

The discussion aimed to give an overview of the budget and identify potential outcomes of the minister’s budget speech, as well as determine what these outcomes signal about the economic road ahead.

“The greatest challenge is to balance a limited fiscal capacity with the need to make politically tough decisions,” Hansen commented on the challenges of the national budget.


A number of items raised in the National Budget were unpacked at the discussion, and one issue highlighted was its effect to the man on the street. Commenting on this, Du Plessis said: “It is commendable to see that the budget is focused on the individual in these economic times by keeping the income tax rate unchanged.”

Nanghonga said that even though the income tax rate has not increased, the increase of the fuel levy and sin tax could ultimately burden the consumer.

“Consumers are currently under distress, and it seems like increasing the fuel levy and sin tax are easy to implement without necessary getting public rejections. However, what we need to look at is, what the real effects of those increases are on the household. Increasing the fuel levy last year lead to taxi drivers demanding an increase in taxi fare, which resulted in the burden being carried by the consumer,” she said.


Furthermore, Turner pointed out: “Keeping in mind that businesses are under immense pressure, there are not many initiatives in the budget aimed at tackling the tough situation. However, the Whistle Blowers Act will be implemented, which should help with the prevention of corruption and that could have a positive effect on foreign direct investment.”

Adding to this point, Shetunyena said: “The business investor community is looking for certainty around policy. Further delays in specific policies will determine if investors will deploy their capital in Namibia or not. We need certainty around tax amendments.”

“The budget’s purpose to make more income available to improve our lives. However we operate honestly, diligently, with the common good as our only objective in mind. This forum will keep monitoring the budget implementation and provide regular feedback,” concluded Hansen.

To date, the Nedbank’s live budget review video received 13 552 views.

Similar News


Windhoek has highest inflation in Nam

3 days ago - 15 May 2019 | Economics

Windhoek’s annual overall inflation rate in April was 5%, the highest in the country, according to figures released by the Namibia Statistics Agency (NSA) this...

Drought leaves Namibians desperate

4 days ago - 15 May 2019 | Economics

Ndalimpinga Iita - When there is a prolonged dry spell, the sea of withered amber crops becomes a common sight in the northern part of...

Ramaphosa's economic reforms in focus

4 days ago - 15 May 2019 | Economics

Olivia Kumwenda-Mtambo - Boosting South African growth and overhauling bloated power firm Eskom are post-election priorities for the African National Congress, but a reduced majority...

From activist to business, and then to power

4 days ago - 15 May 2019 | Economics

In the course of his 66 years, Cyril Ramaphosa has experienced the poverty of Soweto, jail for fighting apartheid, trade union activism, fabulous wealth -...

Govt cash not limitless

4 days ago - 15 May 2019 | Economics

Finance minister Calle Schlettwein has cautioned that demands for more money appear to be based on the perception that government has unlimited resources.Speaking in the...

House prices remain under pressure

5 days ago - 13 May 2019 | Economics

The FNB House Price Index recorded a contraction of 1.0% at the end of March 2019 compared to a contraction of 0.3% over the same...

Debt breaks consumers

1 week ago - 06 May 2019 | Economics

Consumers - by the end of last year - spent N$95.50 out of every N$100 earned to pay off debts. During the recession, the consumer...

Poverty budget does more with less

2 weeks ago - 03 May 2019 | Economics

The number of Namibians receiving social grants from the poverty ministry has increased by 3.2% to nearly 220 000 over the last financial year.In his...

Stimulus for construction sector

2 weeks ago - 30 April 2019 | Economics

Jo-Maré Duddy – Government plans to pump about N$28.9 billion into development projects countrywide in the three fiscal years to the end of March 2022.Of...

Billions to boost agriculture

2 weeks ago - 30 April 2019 | Economics

Jo-Maré Duddy – Nearly N$4.2 billion has been budgeted for the development of agriculture, water and forestry in the three fiscal years ending 31 March...

Latest News

From teacher to humble CEO

2 days ago - 17 May 2019 | People

Leandrea Louw Bisey Uirab, the former CEO of the Namibian Ports Authority (Namport), will be heading to the Namibia Airports Company (NAC) in the...

Moms up in arms

2 days ago - 17 May 2019 | Justice

Throngs of desperate mothers claim they are being turned away daily from the Rehoboth Maintenance Court, despite the lofty service delivery goals set by the...

Tjivikua spills the beans

2 days ago - 17 May 2019 | Education

Former Namibia University of Science and Technology (Nust) vice-chancellor, Professor Tjama Tjivikua, has accused higher education Itah Kandjii-Murangi of gross interference in the running of...

Hard work makes the dream...

2 days ago - 17 May 2019 | People

Mariselle Stofberg Zenneth Oosthuizen is a senior associate at PricewaterhouseCoopers (PwC) who enjoys adventure and new opportunities. “I would describe myself as a quiet and...

Writing your own story

2 days ago - 17 May 2019 | People

Mariselle StofbergOctavia Tsibes was born and raised in Otjiwarongo. Her family has always been interested in writing, and this passion is evident in this humble...

Tackle voter apathy first

2 days ago - 17 May 2019 | Columns

The upcoming Ondangwa Urban by-election has been enjoying prominent coverage in the mainstream media, with Swapo loyalists and those supporting an independent candidate ruffling each...

Finding a niche in justice

2 days ago - 17 May 2019 | People

Michelle MushongaShe completed her LLB honours degree at the University of Namibia (Unam) in 2017 and is currently enrolled at the Justice Training Centre for...

Meet the NeXtGen_Board members

2 days ago - 17 May 2019 | Short News

Capricorn Group officially introduced its maiden NeXtGen_Board in March. Chaired by Bank Windhoek chief financial officer James Chapman, the NeXtGen_Board members comprise a group of...

Driven to do the best

2 days ago - 17 May 2019 | People

Justicia Shipena Hailing from down south in Lüderitz, Ursula Mwatire ‘Mwati’ Uyumba is a human capital practitioner at Namibia Wildlife Resorts (NWR).She is touches...

Load More