The Anti-Corruption Commission (ACC) and the Institute for Public Policy Research (IPPR) have called for greater transparency and accountability in the drafting and implementation of the Welwitschia Sovereign Wealth Fund Bill, currently before Parliament.
The fund, designed to support Namibia’s economic recovery and provide financial security for future generations, was initially launched on May 12, 2022.
It consists of two accounts—one to shield the country from macroeconomic shocks and another as a long-term savings vehicle. T
The Bank of Namibia manages the fund independently in consultation with the Ministry of Finance, benchmarking it against the Norwegian Government Pension Fund Global, widely regarded as one of the most transparent sovereign wealth funds globally.
IPPR Executive Director Graham Hopwood emphasized the need for inclusive dialogue in the fund’s governance.
“Our goal is to ensure, first, that the law is well-crafted before reaching Parliament and, second, that the fund is effectively managed in the best interests of all Namibians. This is not about criticizing the Bank of Namibia or the Ministry of Finance but rather fostering an interactive and inclusive dialogue to ensure these matters are handled properly for the benefit of all Namibians in the future,” Hopwood said.
The fund currently holds N$460 million, with an initial investment of N$270 million.
According to Hopwood, it is structured into short- and long-term investments, with 70% allocated to equities and the remaining portion spread across fixed-income assets, real estate, and private equity.
ACC Director-General Paulus Noa stressed the need for a legal framework that instills public confidence.
“The law must be crafted in such a way that it addresses all the concerns, especially those raised here. It is important that not only the executive plays a role in a fund like this, but society in general should have representatives who are actively involved in ensuring its transparency,” Noa said.
The Bank of Namibia has underscored that the fund’s diversified investment approach aims to maximize returns while effectively managing risks.
A bank representative highlighted efforts to prevent Namibia from falling into the so-called “resource curse,” where countries mismanage their natural wealth.
“Feedback from the Bank of Namibia, together with the Ministry of Finance, has been gathered through visits to Norway to ensure that the drafting of the bill is correct. It is important that as the bill moves through the process, all stakeholders provide their input,” the representative said.
Noa further emphasized the importance of parliamentary oversight in finalizing the law.
“The good thing is that their law has not yet been finalized, and this is an opportunity for stakeholders to make their input. Every voice must be heard, and parliamentarians have a critical role to play to ensure there is no suspicion surrounding the fund’s management,” he added.
