Africa – 15 April 2024

AFRICA

• Bank of Namibia records strong growth. The Bank of Namibia has declared its highest dividend yet of N$511,1 million since its inception in 1990. Over its last two financial periods, the central bank maintained a dividend payout of N$413,7 million. During the recent annual report launch in Windhoek, central bank governor Johannes Gawaxab said the high dividend can be attributed to increased Southern African Customs Union revenue and higher diamond sales. Additionally, the bank recorded more than double the profit it made in 2022, which was attributed to higher interest rates. Operating profit soared by 57,5% – from N$651 million in 2022 to N$1,02 billion in 2023. (Source)

• Botswana requests G7 to reverse diamond certification. Africa’s leading diamond producer, Botswana, has written to the Group of Seven leading industrial countries seeking to reverse an initiative requiring all producers to send gems to Belgium for certification. This follows the G7 move to prevent the import of diamonds mined in Russia. Botswana President Mokgweetsi Masisi told diplomats in Gaborone last week that the G7 traceability mechanism poses an unfair burden on African diamond producers. (Source)