The Minister of Finance, Planning and Economic Development, Hon. Henry Musasizi, has urged the National Social Security Fund (NSSF) to leverage its growing financial muscle to mobilize long-term domestic capital for Uganda’s Tenfold Growth Strategy.
The minister made the call during a meeting with the NSSF Board of Directors and Management to review the Fund’s performance, investment portfolio, and overall contribution to national development.
The NSSF delegation was led by the Board Chairperson, Dr. David Ogong, and the Managing Director, Mr. Patrick Ayota.
Hon. Musasizi commended the Fund's leadership for driving robust asset growth, with NSSF's total asset base surging from Shs 26 trillion in June 2025 to Shs 32.8 trillion as of June 2026.
The minister emphasized that while the Fund’s primary mandate remains protecting and growing workers’ savings, it must strategically realign its investment outlook to back national projects requiring patient capital.
He noted that as the largest contractual savings pool in the country, the Fund is uniquely positioned to provide the non-inflationary, long-term financing necessary to anchor Uganda's economic transformation.
The NSSF Managing Director, Patrick Ayota, reported that member satisfaction remains exceptionally high at 95 percent.
Ayota revealed that the Fund has set a strategic target to scale its total assets to Shs 80 trillion by the year 2035.
He reaffirmed NSSF’s readiness to partner with the government to spur enterprise growth, drive formalization of businesses, create sustainable jobs, and mobilize domestic capital, all while maintaining a low-risk profile to safeguard members' savings.
The Board Chairperson, Dr. David Ogong, stated that NSSF is already actively investing in core sectors prioritized under the government's Tenfold Growth Strategy.
These high-impact sectors include agro-processing, tourism, mineral-based development, and science, technology, and innovation (STI).
However, the NSSF officials appealed to the government to develop a stronger, more transparent pipeline of bankable public projects to allow the Fund to invest securely without exposing workers' retirement benefits to undue risk.
The Minister of State for Planning, Hon. Amos Lugoloobi, echoed these sentiments, noting that the government must continuously refine the broader investment environment to allow NSSF to deploy its massive resources more effectively.
Hon. Lugoloobi added that the Fund is heavily protected by legal safeguards and should confidently exploit available market opportunities to expand its footprint in the national economy.