By Tumwine Byaruhanga
Finance Minister Henry Musasizi has urged the National Social Security Fund to use its growing financial strength to mobilise long-term domestic capital for Uganda’s Tenfold Growth Strategy.
Musasizi made the call during a meeting with the NSSF Board of Directors and management to review the Fund’s performance, operations and contribution to the country’s development agenda.
The NSSF delegation was led by Board Chairperson Dr David Ogong and Managing Director Patrick Ayota.
The minister commended the Fund for growing its assets from Shs26 trillion in June 2025 to Shs32.8 trillion by June 2026.
He said NSSF must continue protecting workers’ savings while reviewing its investment strategy to support projects that require patient capital.
Musasizi said the Fund is well placed to provide the long-term financing needed to support Uganda’s economic transformation.
NSSF Managing Director Patrick Ayota said member satisfaction remains at 95 per cent and the Fund is targeting assets of Shs80 trillion by 2035.
He said NSSF is ready to work with government in areas including enterprise growth, job creation, formalisation of businesses and mobilisation of long-term domestic capital, while protecting members’ savings.
Dr Ogong said the Fund is already investing in sectors identified under the Tenfold Growth Strategy, including agro-processing, tourism, mineral-based development, science, technology and innovation.
NSSF officials, however, called on government to create a stronger pipeline of bankable projects in which the Fund can invest without putting members’ money at unnecessary risk.
State Minister for Planning Amos Lugoloobi said the wider investment environment must be improved to allow NSSF to use its resources more effectively in supporting economic growth.
He added that the Fund is protected by law and should use the available opportunities to expand its contribution to the economy.
