It is time for the Africa Pension Fund to transform into a powerful engine for domestic development that supports the dreams of today’s generation while ensuring a secure tomorrow for our retirees, Gender Minister Betty Amongi has said.
Speaking at the Africa Pension Conference held at Speke Resort and Convention Centre, Munyonyo on 5th November Amongi said: “We are at a critical juncture, one that demands urgent action and unwavering commitment to harness the immense potential of our African pension funds.”
“Imagine a generation where our own pension funds don’t just guarantee retirement, but actively build the schools, the hospitals, the infrastructure our people deserve – financed, owned, and benefited by us,” she noted.
She said for too long, they have watched as the nations have had to seek loans from foreign financial institutions. And while these loans may finance a project here or there, they rarely create a sustainable, self-perpetuating cycle of prosperity. Instead, they often burden us with mounting debt, siphon away our foreign exchange, and leave us perpetually dependent.
“This is not the path to lifting Africa from poverty; it is a treadmill that keeps us running in place, bound by external obligations. We are, in essence, paying to be indebted, rather than investing to be empowered. Continuing this way is to accept a future where poverty is a persistent shadow, not a vanquished foe,” she said.
She said the world is changing. The old models of development, reliant on external capital and often dictated by external interests, are proving insufficient.
‘The greatest risk, colleagues, is not in investing in Africa’s own potential, but in failing to do so. It is in allowing our capital to passively support economies that do not prioritize our people, while our own infrastructure crumbles and opportunities for our citizens wither,” she added.
She called on people to consider investing in well-structured, transparently managed socio-economic development projects within our own nations offers not only the potential for robust financial returns – returns generated from tangible assets and growing economies – but also profound social returns.
“It is an investment in a stable future, in a thriving workforce, in a more prosperous populace – all factors that ultimately bolster the long-term health and security of the very funds you manage,” she said.
She added that with collective assets exceeding $400 billion, African pension funds have the power to reshape our economic landscape. “Let’s draw inspiration from the remarkable success stories already unfolding across our continent.”
She said in Uganda, the National Social Security Fund (NSSF) is leading by example, managing approximately 1.4 billion in local infrastructure projects.
She said these investments are not just numbers on a balance sheet; they are bricks in a wall that shelters families, schools that educate our children, and roads that connect communities.
Prime Minister of Uganda Rt Hon Nabbanja Robinah who represented the President Yoweri urged African pension players to champion self-reliance and economic emancipation.
Decision makers from Africa Pension Funds are interacting with international finance institutions, and other key stakeholders to collaboratively address the continent’s challenges and aim for unlocking the full potential of pension capital.
NSSF Uganda is hosting the All-Africa Pension Summit, which under the theme “Connect. Collaborate. Power Africa’s Future.”