Finance Minister Henry Musasizi has underscored the importance of Uganda's retirement benefits sector in driving the country's economic transformation, saying pension funds provide the long-term domestic capital needed to finance investment, deepen capital markets, support infrastructure development and reduce dependence on external financing.

Musasizi made the remarks during an inauguration meeting between the new Minister of Gender, Labour and Social Development, Lt. Gen. (Rtd) Henry Tumukunde, and the leadership of NSSF Uganda at Emin Pasha Hotel in Nakasero, Kampala.

The minister said institutions such as the National Social Security Fund (NSSF), the Parliamentary Pension Scheme and the Makerere University Retirement Benefits Scheme play a strategic role in Uganda's economic transformation.

"As the Minister of Finance, my core agenda is built on the USD 500 billion target, strict budgetary discipline, aggressive revenue mobilisation, presidential wealth creation and smart oil governance," Musasizi said.

He urged the Ministry of Gender, Labour and Social Development and NSSF Uganda to focus on expanding social security coverage, particularly among workers in the informal sector, promoting voluntary savings, strengthening financial literacy, improving operational efficiency and ensuring that members' funds are invested prudently and transparently.

Musasizi also called on stakeholders to support the Uganda Retirement Benefits Regulatory Authority (URBRA), saying the regulator plays an important role in promoting a stable, well-regulated and trusted pension industry.

NSSF Board Chairman Dr. David Ogong and Managing Director Patrick Ayota said the Fund is changing its strategy to focus on mobilising patient capital to support Uganda's socio-economic transformation.

They noted that the timing is right to leverage the Fund's UGX 32 trillion asset base to create greater value for the country and support national development priorities.