Overview:
He singled out the National Social Security Fund (NSSF), the Parliamentary Pension Scheme, and the Makerere University Retirement Benefits Scheme as key institutions with the capacity to mobilise long-term savings that can accelerate Uganda's economic growth.
Kampala — Finance Minister Henry Musasizi has underscored the critical role of pension funds in driving Uganda’s long-term economic transformation, saying they provide the domestic capital needed to finance investment, deepen capital markets, support infrastructure development, and reduce reliance on external financing.
Speaking during an inauguration meeting between the new Minister of Gender, Labour and Social Development, Lt Gen (Rtd) Henry Tumukunde, and the leadership of the National Social Security Fund (NSSF) at Emin Pasha Hotel in Nakasero, Kampala, Mr Musasizi said pension institutions are strategic partners in the country’s development agenda.
He singled out the National Social Security Fund (NSSF), the Parliamentary Pension Scheme, and the Makerere University Retirement Benefits Scheme as key institutions with the capacity to mobilise long-term savings that can accelerate Uganda’s economic growth.
“As the Minister of Finance, my core agenda is built on achieving the country’s USD500 billion economy target, maintaining strict budgetary discipline, aggressive domestic revenue mobilisation, advancing the Presidential Wealth Creation agenda, and ensuring smart oil governance,” Mr Musasizi said.
He urged the Ministry of Gender, Labour and Social Development and NSSF to prioritise expanding social security coverage, particularly among workers in the informal sector, while promoting voluntary savings and strengthening financial literacy across the country.
The minister also called for improved operational efficiency within the pension sector and prudent, transparent investment of members’ savings to maximise returns and safeguard contributors’ interests.
On regulation, Mr Musasizi welcomed ongoing discussions aimed at strengthening oversight of the pension industry.
“I encourage all stakeholders to appreciate and support the important role played by the Uganda Retirement Benefits Regulatory Authority in promoting a stable, well-regulated and trusted pension industry,” he said.
NSSF Board Chairman Dr David Ogong and the Fund’s Managing Director, Patrick Ayota, said the Fund is repositioning its strategy to focus on mobilising patient capital that can support the government’s socio-economic transformation agenda.
The two officials said the timing was appropriate to leverage the Fund’s assets, now valued at Shs32 trillion, to deliver greater value to the economy through long-term investments while safeguarding members’ savings.