GIPF Reports N$815 Million Investment Loss Linked to South African Tax Dispute

The Government Institutions Pension Fund has confirmed an impairment loss of N$815 million from its investment in the South African-based Signal Structured Finance Fund. The loss arises from a tax dispute involving the South African Revenue Service, which may affect the fund’s assets. Despite the setback, GIPF says the loss accounts for only 0.4 percent of its total assets, which grew to N$199.4 billion by September 2025. CEO Martin Inkumbi says the impairment should be viewed within the context of the Fund’s diversified investment strategy, emphasising that GIPF remains fully funded and able to meet all pension obligations. Here is Katrina Sikeni, the Manager for Stakeholder Engagement at GIPF.