Affirmative Repositioning leader and member of the parliamentary standing committee on public accounts Job Amupanda has called for an urgent public hearing over millions in investment reportedly lost by the GIPF.
The fund had confirmed an impairment loss of N$815 million on a foreign investment in South Africa, but stressed that the loss remains below its materiality threshold and does not threaten its financial stability.
However, in a letter addressed last Thursday to committee chairperson Hendrik Gaobaeb, Amupanda requested that the Government Institutions Pension Fund (GIPF) board and its management be subpoenaed to publicly explain the financial loss, the circumstances surrounding it, and measures being taken to recover or mitigate the damage.
He argued that more than 100 000 Namibians contribute to the fund and deserve full transparency.
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Amupanda cited Article 45 of the Constitution, which mandates members of the National Assembly to act in the public interest, as well as Committee Rule 33, which empowers the standing committee on public accounts to scrutinise financial reports of state-linked entities.
"Given the urgency and public importance of the matter, it is proposed that this hearing be convened during the second week of December 2025, to ensure transparency, accountability, and the timely protection of public and pensioner interests," he wrote.
GIPF chief executive Martin Inkumbi recently clarified that the amount forms part of a total impairment provision of N$922.2 million recorded across the fund's investment portfolio for the year ending 31 March 2025.
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