Ngurare Urges GIPF to Invest Locally

Prime Minister Elijah Ngurare has urged the Government Institutions Pension Fund (GIPF) to prioritize domestic investments to safeguard its reputation and public trust. He highlighted that recent overseas investments have negatively impacted the fund's image, citing instances where funds seemingly vanished. Ngurare emphasized the need for visible investments within Namibia that yield tangible community benefits, drawing a parallel to the long-standing positive impact of Concordia College. This directive follows significant financial setbacks, including an N$815 million impairment loss from an investment in South Africa and concerns over N$600 million lost through the defunct Development Capital Portfolio. Economist Mally Likukela noted that while local investment is desirable for economic growth, Namibia must first ensure a sufficient supply of quality investment opportunities. He stressed the government's role in creating an attractive investment climate and developing projects suitable for a large fund like GIPF. Likukela also advised the GIPF to balance local development objectives with its fiduciary duty to protect pensioners' funds, advocating for accountability and transparency to rebuild public confidence.

This directive highlights the tension between national development goals, the financial health of a major pension fund, and the availability of viable investment opportunities within Namibia.