Ngurare tells Gipf to ‘do more’

Prime Minister Elijah Ngurare has challenged the Government Institutions Pension Fund (Gipf) to do more to ensure Namibians directly benefit from their retirement savings.

While acknowledging the fund's contributions to national development, he urged its leadership to increase the scale of investments in Namibia and focus on projects that leave a visible and lasting legacy. "These are good initiatives. Do more," Ngurare said.

The prime minister's remarks come as Gipf, which manages assets worth N$213.2 billion, unveiled a new three-year strategy aligned with Vision 2030, the Sixth National Development Plan (NDP6) and the United Nations Sustainable Development Goals.

He said the fund should prioritise impactful domestic investments that stimulate economic growth, create jobs and improve public confidence in the institution.

Speaking at the launch of Gipf's 2026–2029 Strategic Plan in Windhoek yesterday, Ngurare said the fund occupies a unique position in Namibia's economy as both the country's largest defined-benefit pension fund and one of its biggest institutional investors.

He said this "makes Gipf an enabler and a critical extension… in achieving its national development goals".

The prime minister highlighted emerging opportunities in the oil and gas, green hydrogen and mining sectors, saying responsible investment in these industries could generate strong returns for members while advancing broader socio-economic development. He also encouraged the fund to support transformative infrastructure projects that would allow members and communities to directly experience the benefits of Gipf investments.

Visible results

Referring to concerns surrounding some investments outside Namibia, Ngurare said the fund's reputation had at times suffered from public perceptions that money invested abroad failed to deliver visible value for members.

"As Gipf, you have a huge brand to protect, a brand that has negatively been blemished in the media on investments outside the country that just disappear [into] thin air," he said.

He argued that greater investment in local projects would help rebuild public confidence while creating tangible benefits for communities across the country.

He challenged the fund to consider similarly ambitious projects, including state-of-the-art hospitals in towns such as Tsumkwe, Nkurenkuru, Opuwo, Otjinene and Ruacana.

"Public servants have made Gipf what it is today. These public servants, serving or retired, are scattered all over the country. They, and their offspring, will always feel and touch every investment you make in this country," he said.

The prime minister's call comes as government seeks to mobilise investment capital to help finance the implementation of NDP6, which requires an estimated N$506.7 billion to fund its programmes and projects by 2030.

Ngurare said institutional investors such as GIPF have a critical role to play in supporting the country's development agenda while safeguarding the interests of contributors.

Major contributions

According to figures presented at the launch, Gipf paid more than N$30 billion in member benefits over the past five years.

During the same period, the fund committed N$17.2 billion to national infrastructure projects and N$2.7 billion to renewable energy initiatives. The fund also supported the construction of more than 8 000 houses, serviced over 5 000 plots and contributed to the creation of approximately 10 900 jobs.

Board chairperson Penda Ithindi said the new strategy focuses on fund sustainability, service excellence, governance, organisational capacity and socio-economic impact. "The plan encompasses several strategic pillars that provide focus and direction on the sustainability of the fund, delivering excellent service, good governance and ethical leadership, organisational and employee capacity and socio-economic impact," he said.

Gipf chief executive officer Martin Inkumbi said the strategy positions the fund to remain resilient in a rapidly changing environment while maintaining a strong focus on responsible governance and prudent investment management.