Martin Endjala
Prime Minister Saara Kuugongelwa-Amadhila has declared the Government Institutions Pension Fund a catalyst for economic growth, given its huge investment to the country’s social and financial development as it provides returns to Namibia.
The Prime Minister stated that the fund has invested 50 percent of its fund value at an estimated amount of N$75 billion, making it the largest fund investor individually towards the economy of the country in terms of infrastructures, housing, and other strategic sectors of the economy since its inception in 1989.
Kuugongelwa-Amadhila delivered a speech during the launch of the GIPF Strategic Plan of 2023-2026 last week Wednesday.
According to her, the launch signifies the Fund’s commitment to endeavouring to be a global leading fund which bases its focus on being a fund which is not only member oriented but for the entire nation.
GIPF’’s assets value grew from N$600 million to an estimated value of N$153 billion to date and the launch of the strategic plan for 2023/26 is an indication that the fund has grown.
This achievements, according to Kuugongelwa-Amadhila are testament to the good work done by the trustees and management.
GIPF has over 48 000 monthly beneficiaries. Amonst these are pensioners and dependents, for the sustainability of their livelihoods and the Fund, is said to have paid an estimated value of N$20 billion to these beneficiaries in five years alone.
She commended the trustees and management team for a result-oriented strategy and for demonstrating the ability to ensure that the fund benefits all members and the nation at large.
“I am therefore delighted, knowing the direction which the GIPF is sailing in, that in the near future, we can have a fund in GIPF on which the families and members can rely during their time of need when they no longer have employment income or when the members themselves are no longer there”, said Saara Kuugongelwa-Amadhila. For the past three decades GIPF has been a very dominant force in terms of pension funds, the Prime Minister stated. She has however made a call to the fund to practice transparency to enable all people from all works of life to also be catered for.
She explained that the fund is a strategic partner with the government in terms of governance, as the government has vowed to ensure the social well-being of all its citizens.
Kuugongelwa-Amadhila further called on stakeholders to build a healthy and mutual relationship with the fund and to hold it accountable to ensure that it grows from strength to strength. However, she emphasized that much still needs to be done to improve lives and support social, and economic development in the country and this can only be done via good governance.
