… assets grow to N$167.16 billion
The Government Institutions Pension Fund (GIPF) recorded a 13.2% increase in investment returns, reaching N$18 billion for the 2024 financial year, up from N$6.5 billion in the previous year.
As of 31 March 2024, GIPF’s total investment portfolio stood at N$167.16 billion, diversified across equities, fixed income, derivatives, private equity, collective investment schemes, cash, and deposits.
“GIPF delivered an outstanding performance as the Fund Asset Value stood at N$167 billion during the period, in comparison to N$151 billion, an increase of 11%,” said Penda Ithindi, Chairperson of the Board of Trustees, at the launch of the Integrated Annual Report on 1 April 2025.
The report, covering the financial and non-financial performance from 1 April 2023 to 31 March 2024, revealed that the Fund held investments in eleven primary listed counters valued at approximately N$8.6 billion.
These spanned the financial services, renewable energy, real estate, telecommunications, and consumer goods sectors.
Additionally, GIPF invested in 14 dual-listed counters worth N$13.6 billion across multiple jurisdictions, up from N$11.7 billion the previous year.
The Fund noted that these investments align with regulatory requirements mandating at least 45% of assets be invested within Namibia, with dual-listed assets capped at 10% of the total portfolio.
“Our investment strategy prioritises risk-adjusted returns while ensuring a socio-economic impact, as seen in our allocation to unlisted Namibian investments,” Ithindi added.
In private markets, classified as alternative investments, GIPF allocated N$18.5 billion, with N$5.9 billion directed towards Namibian unlisted investments and N$12.6 billion invested internationally.
As of 31 March 2023, the Treasury directly managed N$20.7 billion in fixed income and equities, comprising N$4.9 billion in the money market and N$14.4 billion in bonds.
The report noted that the money market portfolio ensured liquidity for operational needs, while bonds focused on long-term securities. Internally managed strategic equities represented 7% of total investments, amounting to N$1.4 billion.
Swapped portfolios, valued at N$17.7 billion, involved exchanging Rand-denominated holdings for Namibia dollar-denominated corporate paper. Investments managed by investment managers stood at N$117.1 billion, with N$10.1 billion in direct investments, while the GIPF Treasury Portfolio was valued at N$40 billion for the reporting period.
The Fund received N$4.8 billion in contributions, reflecting a 3% increase from the previous year, while benefits paid stood at N$6.3 billion in 2024, marking a 9% decrease compared to the prior year.
Ithindi noted that GIPF had 44 participating employers and 69 professional service providers during the period under review. The Fund’s active membership increased by 2.24% to 99,722, up from 97,512 in 2023.
“Benefits payments decreased by 9% to N$6.3 billion compared to the corresponding period ending March 2023, whereas N$6.9 billion was paid in pension benefits, translating into a total decrease in benefits payments of over N$585 million,” he explained.
The Chairperson further highlighted that the benefit contribution ratio stood at 132%, while the cost-to-serve ratio increased slightly to 1.9% from 1.78% in the previous year.
