Munyonyo — Uganda’s Minister of Finance, Planning and Economic Development, Hon. Matia Kasaija, has urged African governments, pension institutions, and development partners to transform pension funds into engines of sustainable growth, saying the continent’s USD 700 billion in pension assets must be mobilised to finance Africa’s transformation.
Speaking at the closing ceremony of the inaugural All Africa Pension Summit 2025 at Speke Resort Munyonyo, Kasaija said the three-day forum had “rekindled a powerful vision for Africa’s financial future,” bringing together thought leaders, investors, regulators, and policymakers to turn savings into sustainable investments.
“Over the past three days, we have witnessed a powerful convergence of vision, capital, and commitment with the potential to reshape Africa’s future,” Hon. Kasaija said. “Your active participation has transformed dialogue into a blueprint for action, mobilising over USD 700 billion in pension assets toward our shared prosperity — assets that represent a critical source of patient capital for sustainable development across the continent.”
He commended NSSF Uganda, under Managing Director Patrick Ayota, for convening the historic summit and shepherding the Kampala Declaration, a continental framework that calls for expanding pension coverage, harmonising regulation, and channelling long-term capital into infrastructure, technology, and social impact investments.
“The Government of Uganda remains steadfast in its commitment to policy reforms that unlock pension capital as a catalyst for inclusive and sustainable growth,” Kasaija said. “We view pension funds not just as savings vehicles, but as vital engines of development — financing infrastructure, generating jobs, and advancing the Sustainable Development Goals.”
Kasaija reaffirmed Uganda’s commitment to doubling pension coverage and tripling infrastructure allocations through reforms such as the Public Service Pension Act (2025) and the expansion of micro-pension schemes targeting informal sector workers.
“These reforms will dismantle barriers to pension fund participation in key sectors,” he explained. “We are working to ensure fiduciary responsibilities are balanced with developmental impact — through risk-sharing mechanisms with development finance institutions and capacity-building initiatives to empower pension funds.”
Unlocking Africa’s Pension Power for Sustainable Development
Delivering one of the summit’s most anticipated keynote speeches, Ahunna Eziakonwa, UNDP Regional Director for Africa, commended Uganda’s leadership in mobilising African pension funds for sustainable financing, describing the Kampala Declaration as “a turning point for Africa’s economic independence.”
“African pension funds represent one of the continent’s greatest untapped assets,” she said. “If properly leveraged, they can unlock between USD 700 billion and USD 1 trillion in long-term capital to finance our own development — infrastructure, housing, renewable energy, and jobs for Africa’s youth.”
Eziakonwa emphasised the need to modernise pension governance, deepen financial inclusion, and create cross-border investment vehicles that allow African funds to pool resources and invest in transformational projects.
“We must reimagine social security not as a safety net but as a springboard for economic empowerment,” she said. “By integrating informal workers into the pension ecosystem, strengthening digital micro-pensions, and promoting gender-lens investing, we can build a more inclusive and sustainable financial future for Africa.”
She reaffirmed UNDP’s partnership with Uganda and the Trade and Development Bank (TDB) to pilot innovative pension infrastructure platforms, citing Uganda as a model of reform-driven leadership.
“Uganda’s commitment, through this summit, shows what Africa can achieve when domestic resources are aligned with long-term national visions like the NDP IV and Agenda 2063,” Eziakonwa noted.
Bridging Pension Funds and Productive Investment
Mr Admassu Tadesse, President and Managing Director of the Trade and Development Bank (TDB) Group, highlighted the rising role of African pension funds as strategic institutional investors capable of transforming the continent’s development trajectory.
“The growing significance of African pension funds lies not just in their assets, but in their evolution as thoughtful, impact-driven investors,” he said. “Partnerships with pension funds like NSSF Uganda have delivered double-digit returns while financing affordable housing, renewable energy, and agribusiness across 25 African economies.”
Tadesse urged pension funds to embrace blended finance and alternative asset classes to unlock greater value. “We need more African capital financing African priorities,” he said. “By aligning pension funds with infrastructure bonds, green finance instruments, and SME investment platforms, we create sustainable ecosystems that build resilience and prosperity.”
He also called for greater collaboration between pension regulators, ministries of finance, and development banks to de-risk investments and standardise regulatory frameworks across borders.
The Kampala Declaration
The Kampala Declaration on Pension Capital Mobilisation, adopted at the close of the summit, outlines four key pillars for reform: expanding pension coverage through micro-pension innovations and digital inclusion; building cross-sector partnerships via regulatory harmonisation and co-investment frameworks; mobilising infrastructure investments focused on bankable, climate-resilient projects; and driving social impact through ESG adoption, gender inclusion, and responsible investment principles.
“This Declaration is not a conclusion — it is a beginning,” Kasaija said. “It is a call to action for every African nation to harness domestic capital for African solutions.”
Uganda’s Economic Outlook and Commitment to Reform
Kasaija also used the platform to reaffirm Uganda’s economic resilience and forward-looking policy agenda. “In FY2024/25, Uganda’s real GDP grew by 6.3%, up from 6.1% the previous year. Inflation has remained below the 5% target, and poverty is projected to decline from nearly 60% in 2020 to 56% this year,” he said.
He noted that the Fourth National Development Plan (NDP IV) — themed “Sustainable Industrialisation for Inclusive Growth, Employment, and Wealth Creation” — will anchor Uganda’s next phase of growth, supported by pension reforms, infrastructure investment, and oil sector development.
“By mobilising domestic savings through pension reforms, we reduce reliance on external financing, create millions of jobs, and secure the future of our people,” he added. Kasaija thanked President Yoweri Kaguta Museveni for his strategic leadership and NSSF Uganda for positioning the country as a continental thought leader in pension and investment innovation.
