African leaders, policymakers, and investors are pushing for a new continental approach to development financing — one that relies less on foreign debt and more on Africa’s own pension assets, estimated at over $700 billion. This was the major message at the All Africa Pension Summit held in Kampala, Uganda, from November 5 to 7, 2025.
The summit, organised by Uganda’s National Social Security Fund (NSSF) under the theme “Unlocking Africa’s Pension Potential for Sustainable Development,” brought together ministers, central bank governors, regulators, and institutional investors from across the continent. The key idea discussed was simple but powerful: Africa’s pension savings, built over decades, can serve as a stable source of long-term financing for infrastructure, energy, and social development — instead of depending on foreign aid or expensive loans.
Bank of Uganda Governor, Michael Atingi-Ego, opened the discussion with a strong call for African countries to take ownership of their development funding. He said Africa must look inward and use local capital to finance projects that transform economies and create jobs.
“The strategic use of pension capital is integral to Uganda’s Ten-Fold Growth Strategy,” he said. “By aligning investments with national priorities and ensuring stable financial management, including low inflation and stable exchange rates, we can channel pension funds into productive areas such as roads, power, hospitals, and schools.”
Atingi-Ego described pension assets as “patient capital” — long-term funds that can be invested in infrastructure without the short-term pressure of repayment. He urged governments and regulators to introduce new financial instruments such as green bonds and infrastructure bonds that can attract pension funds into sustainable investments.
Uganda’s Prime Minister, Robinah Nabbanja, who delivered a message on behalf of President Yoweri Museveni, commended the NSSF for becoming a major driver of national development through its investments in affordable housing, renewable energy, and other strategic sectors.
“The Fund is now a key investor in areas that improve lives and build wealth,” she said. “Our government’s goal is to empower our people to use existing infrastructure productively, creating jobs and prosperity for individuals, families, and businesses.”
Nabbanja also stressed a key challenge facing Africa: a continent rich in natural resources but often short of domestic capital. “Africa urgently needs both capital and entrepreneurship to accelerate growth,” she said. “Our pension funds offer a unique chance to mobilise local savings for energy, infrastructure, and transport — sectors that are vital for industrialisation.”
Ramathan Ggoobi, Uganda’s Permanent Secretary and Secretary to the Treasury, urged African countries to cut down on external borrowing, saying the habit of relying on foreign loans weakens economic independence. He revealed that Uganda’s retirement benefits sector had grown strongly, reaching Shs 25.4 trillion (about $6.7 billion), which is around 12 percent of the country’s GDP.
“We must unlock and use the billions our citizens save each year,” Ggoobi said. “When properly structured, pension capital becomes the best kind of financing — it is domestic, long-term, and aligned with national priorities.”
He said Uganda’s economic growth, which hit 6.3 percent in the 2024/25 financial year and is projected to rise to 7 percent this year, offers a strong base for expanding domestic investment.
Betty Amongi, Uganda’s Minister of Gender, Labour and Social Development, challenged pension fund managers to take bolder steps. She said the real risk is not in investing locally, but in failing to invest in Africa’s own potential.
“The biggest danger is letting our money work for economies that do not prioritise our people, while our own roads, hospitals and schools remain underdeveloped,” she said.
Adding a global perspective, Leonard Zulu, the United Nations Resident Coordinator in Uganda, said the discussion goes beyond finance. He noted that Africa’s pension capital should be tied to global frameworks such as the Sustainable Development Goals (SDGs) and Africa’s Agenda 2063.
“This summit is not just a technical meeting,” he said. “It’s about aligning policy, regulation, and capital markets to achieve Africa’s development vision.”
Across all sessions, one key message stood out — that pension funds represent a massive, untapped source of financing that could help Africa grow from within. Participants agreed that for the continent to reach its potential, governments need to develop clear policies, regulatory reforms, and investment tools that can direct pension savings into national development projects.
The overall conclusion from the summit was that Africa must start funding its own future rather than borrowing it. With proper management, the continent’s pension assets could provide the long-term financing needed to build infrastructure, create jobs, and reduce dependence on foreign loans — paving the way for sustainable and inclusive growth.
