The country's Gold Acquisition Project has made significant strides, reaching 10,716.90 fine troy ounces of locally produced gold, valued at approximately N$767.7 million, by early August 2026. This update was presented to Cabinet during its 31st meeting on 22 September 2026 and released publicly by Minister of Information and Communication Technology Emma Theofelus. The project is crucial in supporting the country's efforts to acquire gold.
The Bank of Namibia's Gold Acquisition Project has achieved 50.6% of its 600-kilogram target, based on the gold acquired by early August. The Cabinet has directed the relevant ministry to continue supporting efforts towards achieving the 600-kilogram target. QKR Namibia's Navachab Gold Mine is currently the lead supplier under a master agreement signed in March 2026, having already delivered over 300 kg and expecting to supply the full 600 kg allocation by the end of 2026.
In addition to the gold acquisition project, the Welwitschia Fund, Namibia's sovereign wealth fund, has generated a 9.4% return in the first half of 2026. This return is 6.4 percentage points above the fund's benchmark. Since its establishment in November 2022, the fund's market value has increased from US$17.94 million to US$31.3 million by the first half of 2026, equivalent to approximately N$514.6 million.
The Welwitschia Fund is designed to convert Namibia's natural resource wealth into long-term financial wealth, strengthening the country's resilience to economic and external shocks, promoting inter-generational equity, and ensuring that the benefits of the country's natural resources are spread across generations. The fund is divided into two accounts: a liquid stabilisation account and a longer-term inter-generational savings account.
The fund's structure allows for annual withdrawals of no more than 10% of accumulated returns. This ensures that the fund's resources are utilised effectively and sustainably over time. The Cabinet was informed of the fund's performance and its role in supporting Namibia's economic development.
In a related development, Namibia has ranked fourth globally in the World Economic Forum's 2026 Global Gender Gap Index, with an overall parity score of 84.5%. This ranking represents a significant achievement for the country, demonstrating its progress in promoting gender equality. According to the Cabinet update, this is Namibia's highest ranking since the index was introduced in 2006.
The update on the gold acquisition project and the Welwitschia Fund's performance was presented to the Cabinet, highlighting the country's efforts to diversify its economy and promote sustainable development. The government's initiatives aim to ensure that Namibia's natural resources are utilised effectively to support the country's long-term economic growth and development.
Key points
- Namibia's gold purchases have reached N$767.7m, driven by the Gold Acquisition Project.
- The Welwitschia Fund has recorded a 9.4% return in the first half of 2026.
- Namibia has ranked fourth globally in the World Economic Forum's 2026 Global Gender Gap Index.
