The government has collected N.dollars 190 million through the auctioning of 15 948 megatons of Hake fish, the Ministry of Finance has announced.

The ministry in a media statement on Monday said the auction held on 16 April 2021 was a success, with government pocketing N.dollars 190 million from the auction compared to N.dollars 102 million had the quota been disposed of at the reserve prices.

It said the auction received a total of 38 bids, however, only 23 bids complied with the requirements.

“The auctioning outcome confirms auctioning as a good mechanism to facilitate price discovery in the sector and allocate natural resources to the market,” it noted.

It further said the same auction principles will apply for the upcoming auctions for other fish species, scheduled for 18 June 2021.

“As a government, we are conducting these auctions which noble intentions. The current auction results show the government’s seriousness and commitment to supporting the country’s socio-economic priorities, promote transparency and ensure that Namibia fully benefits from her natural resources,” reads the statement.

Source: Namibia Press Agency