Overview:
Speaking during a meeting with the NSSF board and management on Tuesday, Musasizi commended the Fund for growing its assets from Shs26 trillion in June 2025 to Shs32.8 trillion by the end of June 2026.
KAMPALA — Finance Minister Henry Musasizi has challenged the National Social Security Fund (NSSF) to maintain the safety of workers’ savings while adopting an investment strategy that supports Uganda’s Tenfold Growth Strategy.
Speaking during a meeting with the NSSF board and management on Tuesday, Musasizi commended the Fund for growing its assets from Shs26 trillion in June 2025 to Shs32.8 trillion by the end of June 2026.
He said the Fund’s strong growth places it in a strategic position to mobilise the long-term domestic capital needed to finance the government’s ambitious plan to expand Uganda’s economy tenfold.
“The Fund should continue prioritising the safety of workers’ savings while adjusting its investment strategy to support the country’s development agenda,” Musasizi said.
The meeting was attended by NSSF Board Chairperson Dr David Ogong, Managing Director Patrick Ayota, Minister of State for Planning Amos Lugoloobi, Minister of State for Privatisation and Investment Aminah Mukalazi, and Minister of State for General Duties Ciccy Mulondo.
Ayota said NSSF had maintained a 95 per cent member satisfaction rate and remained on course to grow its assets to Shs80 trillion by 2035.
He said the Fund was ready to partner with government in implementing the Tenfold Growth Strategy by safeguarding members’ savings while investing in enterprises that create jobs, promote business formalisation and mobilise long-term domestic capital.
“NSSF is committed to protecting member value while supporting Uganda’s economic transformation,” Ayota said.
Board Chairperson Dr Ogong said the Fund had already aligned part of its investment portfolio with the government’s priority sectors, including agro-processing, tourism, mineral-based industrialisation, and science, technology and innovation.
However, NSSF’s leadership said government must create a stronger pipeline of bankable investment opportunities to enable the Fund to deploy more capital without compromising returns to savers.
Lugoloobi echoed the call, saying improving the investment ecosystem would enable institutional investors such as NSSF to play a greater role in financing economic growth.
He added that the Fund is backed by a robust legal framework that safeguards workers’ savings and should leverage its growing asset base to support national development while delivering value to its members.