MINISTER of Labour and Social Security Fackson Shamenda says the National Pension Scheme Authority (NAPSA) is a sleeping giant that needs to be innovative and generate revenue to help boost Zambia’s economy.
Mr Shamenda said NAPSA should wake up from its sleep before Government intervenes.
He said this in Lusaka on Friday at an orientation workshop for senior ministry staff.
“You must venture into investment. You are a sleeping giant, but I have faith that with the board and management in place, you will be able to improve on what is happening at the moment,” Mr Shamenda said.
The minister said Government does not interfere in the operations of parastatals but will monitor them and intervene when need arises.
Mr Shamenda said NAPSA has a “lot” of money lying idle in banks which can be used to invest in real estate and other business ventures that could benefit the country.
“I don’t see any other institution which has the potential to grow the economy as much as NAPSA does,” Mr Shamenda said.
He said his ministry will keep track of developments in NAPSA on a monthly basis.
“You can do better in your operations; there are new districts that have come up where we want your presence to be felt, but you are nowhere to be seen,” Mr Shamenda said.
Citing the Kalulushi housing project, he called on the authority to ensure that it completes all its pending projects so that they could be utilised and not become a burden to the institution.
Speaking at the same function, chairperson of the NAPSA board of trustees, Teddy Mulonga said they are determined to ensure that the organisation, through its investments, contributes to development programmes and makes real impact in job creation and infrastructure development.
“The board has already initiated a process to review the current investment guidelines in order to realign them and to take into account the ideals alluded to above,” Mr Mulonga said.