Namibia has raised close to 628 million Namibian dollars (37 million U.S. dollars) from the auction of 60 percent of its horse mackerel and hake output.
According to a statement by Finance Minister Iipumbu Shiimi, the amount is two times more than what the country would have received if the quota was sold at the reserved prices.
“As a result, it has now been proven beyond doubt that the government was right to take a decision to test the market in order to establish the true value of its fisheries resources,” Shiimi said.
He added that the amount will go a long way in funding government priority programs such as improving sanitation, hostel facilities and other expenses exacerbated by COVID-19.
“This exercise should serve as a reminder to us as a nation that government remains committed to ensuring that our natural resources can be utilized for the good benefits of all in different ways. With this, we are proud of what we have raised from this exercise at a time when we are faced with competing demands due to CODVID-19,” Shiimi said.