Legislation to provide a formal legal framework for Namibia’s Welwitschia Sovereign Wealth Fund is expected to be tabled in Parliament before the end of 2026, with the legislative drafting process now complete, the Bank of Namibia has confirmed.
Helvi Fillipus, Senior Technical Advisor in the Bank of Namibia’s Research and Financial Sector Development Department and a member of the Monetary Policy Committee, said the Sovereign Wealth Fund Bill has progressed through the government’s legislative process and is awaiting final review by the Ministry of Finance before being submitted to the Attorney General.
“This was communicated as a policy position when the fund was launched back in 2022, that government had started the process of developing the Sovereign Wealth Fund Bill. That bill has gone through the approval process, which involves various steps at government level,” Fillipus said.
She said the most time-consuming phase of the legislative process, the drafting of the Bill, has now been completed.
“At the moment, I think the lengthiest part of the legislative drafting process was to take the Bill through the legislative drafters. I understand that process has been completed. There’s a certified legislative draft Bill,” she said.
According to Fillipus, the Ministry of Finance is reviewing the certified draft before forwarding it to the Attorney General for legal certification.
Once certified, the Bill will be submitted to Parliament.
“I think the ministry is just satisfying itself with that version that came back from the drafters. Once the ministry is happy with the revised version, it will then go to the Attorney General for certification and thereafter it will be submitted to Parliament for tabling,” she said.
The Welwitschia Sovereign Wealth Fund was launched in May 2022 to build national savings, strengthen fiscal and foreign reserve stability, and preserve wealth for future generations.
Until the legislation is enacted, the fund continues to be managed by the Bank of Namibia under an interim arrangement.
The fund was initially capitalised with N$300 million through a government contribution and dividends declared by the central bank.
The proposed legislation is expected to establish a permanent governance framework for managing and investing revenues generated from Namibia’s natural resources, including potential future income from the country’s emerging oil and gas industry and green hydrogen sector.
The fund comprises two investment portfolios: a Stabilisation Account, designed to cushion the economy against external shocks and commodity price volatility, and an Intergenerational Account, aimed at preserving wealth for future generations through long-term investments.
It is expected to receive funding from royalties on natural resources, taxes, proceeds from the disposal of public investments and contributions from selected state-owned enterprises and other sources.
According to the Bank of Namibia, the Welwitschia Sovereign Wealth Fund was valued at approximately N$478.72 million at the end of February 2026.
