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Uganda @ 50: Byarugaba Tips on Strengthening Pensions Sector

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NSSF MD Richard Byarugaba
NSSF MD Richard Byarugaba

    By: Giles Muhame

  • Oct 9,2015
  • 811 Viewed

IN KIGALI, RWANDA

Celebrations to mark Uganda’s 53rd Independence Day celebrations are underway in Kigali, Rwanda.

Ugandans from all walks of life are gathered at Kigali Serena Hotel to mark a special day in the country’s history.

In attendance are Uganda’s Ambassador to Rwanda Richard Kabonero, Rwanda Foreign Affairs Minister Louise Mushikiwabo, NSSF Managing Director Richard Byarugaba and Knight Frank Rwanda MD Judy Rugasira among others.

Byarugaba has just given key remarks on strengthening the pension sector in the region, urging governments to desist from seeking funds from external sources and foreign aid.

He said money for big infrastructural projects such as roads should be raised from pension contributions of citizens.

Byarugaba advised that the percentage of monthly contributions to the pension funds should be raised, giving an example of Malaysia and Singapore which deduct 30 percent from savers’ salaries thus creating a sizeable pool of funds for investment.

Byarugaba said apart from Tanzania and Uganda, very few countries in Africa inject pension funds into infrastructure projects.

The NSSF boss further rooted for “greater professionalism and expertise in governance of pension schemes” to enhance economic growth.

To strengthen the sector, Byarugaba said governments should “support long term investments” and ensure institution have sufficient economies of scale to implement big projects instead of going abroad to look for funds.

He concluded by urging regional governments to create a transparent environment for which investments can be accomplished.

Cultural music dancers are currently entertaining guests as they enjoy dinner. Marcus Kwikiriza is the MC of the night.

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