Outgoing Government Institutions’ Pension Fund CEO David Nuyoma has boasted about leaving the fund in a brilliant state, saying its asset-base increased from N$58 billion to over N$157 billion under his reign.
Nuyoma said this to reporters at State House yesterday, shortly after paying a courtesy visit to President Hage Geingob.
Their meeting was held behind closed doors.
He expressed his gratitude and appreciation to Geingob and the government for creating an enabling environment for the GIPF to thrive.
Nuyoma acknowledged the government has provided the necessary space for the fund to make decisions that benefit its members and the country as a whole.
He also informed the President about the current state of the fund and highlighted major projects that are in advanced stages, such as the pension-backed home loan scheme.
The scheme will allow members to use their pension as collateral to buy or renovate the property. It will be finalised before his departure.
The pension-backed home loan, he added, will play a significant role in addressing the housing issue.
“This scheme will enable civil servants to upgrade their current shelters and improve their quality of life.
By providing accessible and affordable loan options, the scheme aims to enhance the livelihoods of civil servants and contribute to reducing the housing deficit within the civil service,” Nuyoma said.
Meanwhile, he also raised concern about the low uptake of home loans by civil servants, saying only 30% of them have decent shelter.
However, through the efforts of the GIPF’s development fund, they have been able to construct 700 houses in various locations for civil servants, he noted.
Overall, the outgoing CEO expressed confidence that the GIPF is in good shape and highlighted the efficiency of the payout process for retired members, as it now takes fewer hours to process their benefits.
Nuyoma is in his last months as GIPF CEO. He joined the Fund in January 2013 from the Development Bank of Namibia.
– ljason@nepc.com.na
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Photo: Presidency