Public Enterprises Ownership Policy unveiled to foster sustainable development
The Minister of Finance & Public Enterprises, Iipumbu Shiimi on Monday officially launched the Public Enterprises Ownership Policy (PEOP), a pivotal step towards enhancing the efficiency and efficacy of public enterprises.
The PEOP addresses the reform and regulation of Namibia’s 81 Public Enterprises (PEs), encompassing commercial, non-commercial, and extra-budgetary funds.
Total Asset Value of these entities stands at approximately N$119 billion, while liabilities hover around N$60 billion, resulting in a net asset value of N$50 billion. A workforce of approximately 25,000 employees is engaged in these enterprises.
According to Shiimi, the PEOP is a response to the underperformance of several public enterprises, which has adversely affected national competitiveness and strained the country’s finances, especially in the face of economic challenges and was formulated in alignment with recommendations from the High Level Panel on the Namibian Economy (HLPNE) and swiftly adopted by the Cabinet.
The policy aims to professionalize the state’s role as a shareholder in PEs, promoting transparency, efficiency, and financial sustainability, he noted, adding that key objectives include regulating ownership, curbing corruption, defining board and management responsibilities, and ensuring sound financial management.
Shiimi said the policy is designed to be dynamic and will be revised every three years to adapt to evolving circumstances.
“It adopts a principles-based approach derived from extensive stakeholder consultations, reflecting both Namibian context and global best practices,” he said.
Meanwhile, Shiimi said in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the government will conduct inclusive Regional Stakeholders Consultation Workshops across six regions, facilitating discussions on the PEOP.
The minister further announced the commencement of nationwide stakeholder engagement, marking a significant stride towards a reinvigorated and transparent approach to public enterprise ownership.
