Kampala, Uganda | A continental initiative is underway to channel Africa’s estimated $700 billion in pension assets into funding critical infrastructure, aiming to reduce reliance on foreign debt and strengthen self-sustained development. The discussions took center stage at the All Africa Pension Summit held in Kampala from November 5–7, hosted by Uganda’s National Social Security Fund (NSSF) under the theme “Unlocking Africa’s Pension Potential for Sustainable Development.”
The summit brought together ministers, regulators, and institutional investors who underscored that pension funds representing long-term, stable capital offer a powerful opportunity to bridge Africa’s massive financing gap.
Bank of Uganda Governor Michael Atingi-Ego, in his keynote address, urged African nations to look inward to drive their economic transformation. He said that strategically investing pension funds aligns with Uganda’s Ten-Fold Growth Strategy and can play a central role in national development priorities. “Pension capital is patient capital,” he noted, “best suited for projects such as roads, dams, hospitals, and schools that are critical to economic growth.”
Atingi-Ego called for sector reforms and innovative investment tools, including green and infrastructure bonds, to make it easier for pension funds to participate in large-scale national projects.
Uganda’s Prime Minister Robinah Nabbanja, delivering the President’s message, praised NSSF for evolving into a key player in national development. She highlighted the Fund’s growing investments in affordable housing, renewable energy, and other strategic sectors, calling it “a step in the right direction” toward inclusive growth.
She added that Africa faces a paradox being rich in resources yet capital-constrained. “Our pension funds present a unique opportunity to mobilize domestic capital for investment in energy, transport, and infrastructure,” Nabbanja said, urging African governments to prioritize local solutions for sustainable development.
During the summit, Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, cautioned African countries against over-reliance on external borrowing. He revealed that Uganda’s retirement benefits sector now holds assets worth Shs 25.4 trillion (about US$6.7 billion), equivalent to 12 percent of the country’s GDP. Ggoobi described pension capital as “domestic, long-term, and aligned with national priorities,” noting that its proper utilization could fuel transformative growth.
He also pointed to Uganda’s robust macroeconomic performance, with GDP growth of 6.3 percent in FY 2024/25 and a projection of 7 percent in the current fiscal year, as a sign that local investment can be both viable and sustainable.
Betty Amongi, Minister of Gender, Labour, and Social Development, challenged pension fund managers to shift from passive custodianship to proactive investment. “The greatest risk is not in investing in Africa’s potential but in failing to do so,” she said. “It is in allowing our capital to support economies that do not prioritize our people, while our own infrastructure crumbles.”
United Nations Resident Coordinator in Uganda, Leonard Zulu, emphasized that pension investment must align with broader global objectives, including the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063. He said the summit serves as “a platform for aligning policy, regulation, capital markets, and project pipelines with Africa’s long-term development vision.”
Throughout the discussions, a clear consensus emerged that Africa’s pension funds represent an immense yet underutilized opportunity for inclusive economic growth. Participants agreed that to unlock this potential, countries must undertake regulatory reforms, build investor confidence, and create structured investment instruments.
As the summit concluded, delegates reaffirmed that mobilizing Africa’s pension savings into productive use could mark a turning point—allowing the continent to fund its own future rather than borrowing it.