KAMPALA — President Yoweri Kaguta Museveni has taken a swipe at the National Social Security Fund (NSSF), accusing the workers’ savings fund of sitting on huge amounts of money while investing in ventures that do little to create jobs or drive Uganda’s economic growth.
Museveni made the remarks on Thursday, August 27, while commissioning the newly opened Kampala Marriott Hotel and Executive Apartments in Nsambya, where he praised NSSF for finally “waking up” after taking a 30 percent stake in the five-star facility.
“I am very glad to hear that NSSF has woken up from slumberland and invested in Marriott. This is very good and God is alive,” Museveni said.
The President, however, challenged the Fund to go beyond investments that generate financial returns and deliberately channel workers’ savings into productive sectors capable of creating jobs and expanding Uganda’s economy.
Museveni questioned the logic of NSSF investing heavily in instruments such as foreign bonds when such investments, in his view, have limited direct impact on Uganda’s employment and production.
“NSSF has got a lot of money. But investing in unclear things… wasting money,” he said, urging the Fund to invest in productive local ventures.
He reminded NSSF that its mandate goes beyond making money from workers’ savings.
“You are a fund of workers. You manage workers’ money. Your job is to increase the number of workers and create more jobs,” Museveni said.
The President challenged the Fund to explain how investments in foreign bonds translate into new jobs for Ugandans.
“How many workers have you added by buying Kenyan bonds and getting interest?” he asked.
‘YOU ARE SITTING ON THAT MONEY’
Museveni’s criticism came as NSSF Managing Director Patrick Ayota revealed that the Fund’s assets had grown to Shs32.8 trillion.
The President said the figure demonstrated the enormous financial muscle at NSSF’s disposal and called for a more aggressive investment strategy.
“You see! They are seated on that money. They make money but in things which don’t solve jobs, don’t add to GDP,” Museveni said.
He congratulated the Fund for its investment in the Marriott, urging it to replicate the approach in other productive sectors.
Museveni said NSSF should increasingly put workers’ savings into investments that contribute directly to Uganda’s economic transformation rather than focusing exclusively on financial returns.
MARRIOTT OPENS ITS DOORS
The President was speaking at the official commissioning of Kampala’s newest five-star hotel, established by businessman Ponsiano Ngabirano under the Capital Shoppers hospitality group.
The Kampala Marriott features luxury accommodation, executive apartments and conference facilities, expanding Kampala’s capacity to host high-end tourists, international visitors, business travellers and major conferences.
Museveni said the project demonstrated that Ugandan investors can move beyond importing goods and services and instead build high-value businesses within the country.
He challenged local investors to venture into commercial agriculture, manufacturing and artisanship, services, and information and communication technology.
The President cited South Korea’s Samsung and Nigerian billionaire Aliko Dangote as examples of businesses that moved from trading and importation into large-scale wealth creation.
GOVERNMENT TARGETS ULTRA-RICH TOURISTS
Ministry of Finance Director of Economic Affairs Moses Kaggwa said the Marriott investment fits into Government’s broader strategy of developing high-end tourism infrastructure.
Kaggwa said Government’s policy is to support branded five-star international-standard hotels capable of attracting high-spending tourists.
He said tourism is one of Uganda’s anchor sectors under the Government’s ATMS strategy, with the country targeting to double both tourist arrivals and the amount of money visitors spend in Uganda.
The new Marriott, he said, therefore forms part of the infrastructure needed to support this ambition.
MUSEVENI ORDERS TAX, SKILLS SUPPORT
The President also directed Government to enforce the 10-year corporate tax holiday for eligible investors and ordered Finance Minister Henry Musasizi to investigate complaints that taxation is frustrating the hotel and hospitality industry.
He further directed the Ministry of Tourism to scale up training of workers for the hospitality sector through the Uganda Hotel and Tourism Training Institute in Jinja, with private institutions complementing Government efforts.
Musasizi said the Marriott project was evidence of Uganda’s growing attractiveness to both local and international investors.
He said major investments in hospitality create jobs, develop skills and expand modern tourism services while demonstrating confidence in Uganda’s economy.
NGABIRANO THANKS MUSEVENI, NSSF
Ngabirano attributed the investment to what he described as a conducive environment for business and long-term investment.
He praised Museveni for maintaining peace and stability, saying this had enabled investors to commit substantial resources to hospitality, tourism and other sectors.
He also acknowledged the contribution of NSSF and other co-investors while appealing for Government intervention to address challenges affecting the hospitality industry.
Museveni also praised Cardinal Emmanuel Wamala for providing the land on which the hotel was developed, describing the decision as strategically important to the project and Uganda’s hospitality industry.
The opening of Kampala Marriott adds another major five-star facility to the capital’s growing hospitality and conference industry, as Uganda positions itself to attract more high-spending tourists and international business events.
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