The Ministry of Fisheries and Marine Resources raised N.dollars 110 million from an auction of 12 300 Metric Tonnes (MT) of hake under the 15 000 MT Governmental Objective Fishing Quota held on 16 December 2022.

This amount also includes N. dollars 10 000 raised from application fees.

A media release issued on Wednesday by the Ministry of Finance indicated that the sale has shown improvement in prices from the reserve price of N.dollars 7 000 to an average of N. dollars 8 592.55 for wet hake and from N.dollars 9 000 to N.dollars 10 207.41 for freezer hake.

The total amount allocated for wet fish was N.dollars 82 488 500 while that allocated for freezer fish was N. dollars 27 560 000, amounting to N.dollars 110 048 500 in total.

Unallocated fish quotas are 2 700 MT.

The ministries of fisheries, finance and public enterprises described the auction as a success and said auctioning remains a good mechanism to facilitate price discovery in the sector and allocate natural resources to the market.

Source: Namibia News Press Agency