Africa-Press – Namibia. THE Government Institutions Pension Fund (GIPF) has made the best of the current Covid-19 pandemic, earning an average of N$2 billion monthly over nine months while working remotely.
Speaking on Desert Radio, GIPF David CEO Nuyoma said the fund has added N$100 billion to its worth since he took over. “We were much more focused on details.Where we felt assets were at risk, we moved them where we felt they could be protected. Little did we know that within those 12 months, we were making N$2 billion a month.
“Since I came to GIPF, it’s the highest growth in a year that I have seen,” he said. From the end of 2020 through to 2021, the fund managed to make N$23 billion in a period of nine months.
Nuyoma said the value of the fund now stands at N$146 billion, according to the latest assessment released late last year. Nuyoma said he allowed the fund to be innovative and find more efficient ways of using technology to improve its overall efficiency.
The GIPF has set their sights on being the best run fund in the world with the shortest turnaround of targets, and they are well on their way to becoming one of the largest funds on the continent, coming third only to two players in South Africa, he enthused.
In terms of assets and investment, GIPF is now one of the largest companies in the country, Nuyoma said. “What I say to my colleagues is that we must perfect our act, that even people from Germany, even people from wherever they are, can come to Namibia and learn a thing or two from us.”
Nuyoma aims for the fund to be sustainable, and despite its good performance, he said they must remain on high alert to continue the trend. “There are so many variables, things can happen and that is why we need to remain completely on alert, to see what we can do. There are times things do not go the way we want them to, but the general trend over time must be upwards.”
Nuyoma further explained that the requirement for pension funds to invest in the domestic economy is 45%, but GIPF is beyond that and in full compliance at 49%. By November 2021, about N$72 billion of the fund’s value is invested in the domestic economy. “That is good money that we are investing.
“When I say GIPF is the biggest investor in Namibia, people see Osona because it is visually available but in Windhoek, there is hardly any major asset that we are not invested in,” Nuyoma added, saying that the fund invests in construction in the capital city and at other towns.
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