Public Accounts Committee asked to summon GIPF over N$815 million impairment

By: Josia Shigwedha

The Public Accounts Committee (PAC) of the Parliament has been asked to summon the board and management of the Government Institutions Pension Fund (GIPF) to account for a reported loss linked to one of its foreign investments.

This comes after a tax claim issued by the South African Revenue Service (SARS), which triggered a major impairment in one of GIPF’s offshore investment vehicles and raised uncertainty about whether the fund will recover the full value of its assets.

According to GIPF’s 2025 financial statements, the fund recorded an impairment of N$815 million, which forms part of a total impairment provision of N$922.2 million across its investment portfolio for the financial year ending 31 March 2025.

GIPF CEO, Martin Inkumbi, confirmed the figures, saying the impairment reflects risks identified in specific investments.

In a letter dated 13 November 2025, parliamentarian, Job Amupanda, wrote to PAC chairperson, Hendrik Gaobaeb, calling for an urgent public hearing on the matter. He asked that the hearing take place during the second week of December, saying more than 100 000 GIPF members including pensioners and public servants are directly affected.

Amupanda said pensioners deserve a clear explanation of “what happened to their money” and stressed that the PAC must act to safeguard public funds.

“It is the duty of the Standing Committee on Public Accounts to examine and report on all accounts and reports in which the state has an interest,” he wrote, adding that the matter must be treated with urgency because it concerns workers’ pensions.