Welwitschia Fund (Sovereign Wealth Fund for Namibia)

At a glance. The Welwitschia Fund is Namibia's sovereign wealth fund, launched in 2022 and held at the Bank of Namibia in two accounts: one for budget stabilisation and one for intergenerational savings. It held N$508.47M (USD 30.85M) at 31 July 2026 and has returned 15.5 percent a year since inception. A bill to give it its own statute is in preparation. S1 S6 S2

Key points

• Grew from USD 17.94M at its November 2022 start to USD 31.3M by mid 2026. S2
• Returned 9.4 percent in the first half of 2026. S2
• Savings account takes at least 15 percent of non-renewable resource royalties and a third of privatisation proceeds. S4
• Stabilisation account takes SACU windfalls and 10 percent of renewable resource revenue, including green energy. S4
• Proposed limits: savings withdrawals only from returns, at most 10 percent of accumulated returns a year. S5
• The Sovereign Wealth Fund of Namibia Bill was expected in Parliament later in 2026. S5

Interesting facts

• Saving rules switch on only when public revenue reaches 30.5 percent of GDP. S4
• The central bank's gold buying programme, about N$767.7M by August 2026, is separate from the fund. S2
• It is legally a reserve account under the Bank of Namibia Act 2020. S4

Mandate and goals

Shield the economy from cyclical shocks and spread the benefits of natural resources across generations. S1

• Accumulate wealth for future generations. S5
• Support the budget and reserves against commodity and revenue shocks. S5
• Turn resource wealth into long-term financial wealth. S6

How it invests

Published criteria

• Liquid stabilisation account; longer-horizon savings account. S5
• Inflows only when fiscal rules are met. S4

Past investments

The fund has not published a list of investments.

Case studies

From seed to N$508M S2 S6

• What: Seeded by the government and central bank dividends in 2022, then grown by returns.
• When: 2022 to 2026
• Size: USD 17.94M to USD 31.3M
• Why: Build a buffer and savings pool from resource wealth.
• Outcome: 15.5 percent a year since inception.

Setting withdrawal rules S5

• What: Central bank proposals cap savings withdrawals at 10 percent of accumulated returns and stabilisation withdrawals at 10 percent of assets a year.
• When: August 2026
• Size: Not published
• Why: Protect capital while allowing support in fiscal stress.
• Outcome: Part of the planned Sovereign Wealth Fund of Namibia Bill.

Investment process

The Ministry of Finance owns the mandate and Fund Rules; the Bank of Namibia manages and holds the assets. S5 S4

1. Fiscal rules trigger deposits. S4
2. Bank of Namibia invests the two accounts. S1
3. Updates to Cabinet and the public. S2

How to approach: No approach route; see the Bank of Namibia website. S1

Size and returns

• Headline size: N$508.47M (31 July 2026) (Fund market value, as of 2026-08-21) S6
• In US dollars: about USD 0.031B. USD 30.85M as reported by the Bank of Namibia
• Market value, mid 2026: USD 31.3M (Fund market value, as of 2026-09-22) S2
• Return, H1 2026: 9.4 percent (six months) S2
• Return, Since November 2022: 15.5 percent a year S2
• Size over time (USD million): 2022-11 17.94, 2026-06 31.3 S2

Leadership

Governance and transparency

• Legal basis: Reserve account under Sections 72(2) and 73(1)(a) of the Bank of Namibia Act 2020; Ministry of Finance Fund Rules S4
• Oversight: Ministry of Finance and Cabinet S5 S2
• A dedicated Sovereign Wealth Fund of Namibia Bill is in preparation. S5
• Fund Rules published on the central bank site. S1

Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, governance and mandate documents, named leadership, regular reporting schedule. S2 S4 S6
• Partly published: long-term returns. S2
• Not published: asset allocation, geographic or sector split, holdings or deal list, audited financial statements. S1

History

Reports

• Welwitschia Fund Rules: https://www.bon.com.na/getattachment/Bank/Welwitschia-Fund/WelwitchiaFundRules.pdf.aspx?lang=en-ZA S4

Common questions

What is the Welwitschia Fund?

Namibia's sovereign wealth fund, launched in 2022 and run by the Bank of Namibia. S1

How big is it?

N$508.47M (USD 30.85M) at 31 July 2026. S6

How is it funded?

Rules direct shares of SACU receipts, royalties, privatisation proceeds and surpluses once revenue reaches 30.5 percent of GDP. S4

What has it returned?

15.5 percent a year since inception. S2

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• Fund for Future Generations (Equatorial Guinea) Equatorial Guinea · FCFA 57B (USD 95.2M), estimate

All sovereign wealth funds in Africa · All savings and future generations funds · All funds in Namibia

Sources

1. S1Bank of Namibia, Welwitschia Fund page
2. S2Observer24, gold purchases and Welwitschia Fund returns
3. S3IFSWF, our members
4. S4Ministry of Finance, Welwitschia Fund Rules
5. S5Observer24, Welwitschia Fund reaches N$508.47m market value
6. S6The Namibian, Welwitschia Fund grows to N$508 million