The ruling party’s assets saw a decline in 2025 to N$958 986, compared to N$12 million in 2024.
This is according to Swapo’s annual financial report for the year ended 31 March 2025.
Swapo secretary of finance Lucia Iipumbi says one of the challenges is the party’s reduction of income, resulting from the reduction of Swapo’s seats in parliament, as well as asset depreciation.
Swapo lost an annual income of N$13 million following its loss of 12 seats in the November 2024 presidential and National Assembly elections, according to reports.
The party’s financial statements indicate that Swapo’s political funding income currently stands at N$117.9 million, compared to N$97.4 million in 2024.
In 2024, the party’s funding came from investments and other sources of income, totalling N$35.7 million, compared to N$81.09 million in 2025.
Iipumbu says Swapo’s company assets are not “part of those assets – they are exclusively for the party”.
The party earned income of N$1.8 million in 2024 and N$1.09 million in 2025, but its sources of income are not stated.
Its funding expenditure currently stands at N$155.4 million, compared to N$179.6 million last year.
“We also have a challenge of inconsistent recording and the collection of membership fee contributions, but this one we will overcome once the ongoing database capturing project is completed and the updated system is up and running,” Iipumbu says.
She says the party has not acquired new assets in the past two years, and the old ones have depreciated in value.
“You are aware that we have an ongoing project for the new headquarters, which is close to completion,” Iipumbu says.
Despite this, she says it is a “highlight” that the party’s audited report is unqualified and that its records are “clean and healthy”.
Kalahari Holdings is Swapo’s main business, which was founded in 1989.
It fully owns six subsidiaries, namely the Namib Contract Haulage (NCH), Namprint, Kudu Investment, Ndilimani Cultural Troupe, Kalasota Mining Enterprises and Klondike Investments, which is dormant.
Swapo also owns Zebra Holdings and Namibia Protection Services, a security services provider with state contracts to guard government offices.
Political analyst Henning Melber, says the abridged compilation offers no further details on the drop in the party’s assets.
The reduced number of seats in parliament will only kick in this year, since it is effective only from 21 March, he says.
Melber says the reduction of seats is therefore no explanation, adding it is hard to draw any conclusions while 2025 is only halfway.
The financial statements, however, do indicate that the party’s finances are in some disarray.
“The fat years seem to be over. Some meagre years seem to be ahead. A depreciation cannot explain that the assets decline in the order of 90% within one year,” he says.
