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The report adopts an integrated thinking approach that has enabled the Fund to convey the value creation story through the lens of the six capitals.
The planned and actual expenditure and other key financial parameters for FY2021/22 demonstrate our ability to create long-term value in line with these six capitals as presented below:
The report adopts an integrated thinking approach that has enabled the Fund to convey the value creation story through the lens of the six capitals.
The planned and actual expenditure and other key financial parameters for FY2021/22 demonstrate our ability to create long-term value in line with these six capitals as presented below:
The recovery and growth of the world economy continue to be hindered by a series of destabilising shocks. After more than two years of the global pandemic, Russia’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation and financial conditions have exacerbated the slowdown in global growth.
Uganda’s economic activity is projected to remain modest as the shocks to commodity prices, production and distribution disruptions, and global inflation continue to dim the prospects for domestic economic growth according to the Bank of Uganda. Therefore, economic growth is projected in the range of 4.5% to 5.0% in 2022 and rising slightly to 5.0% – 5.5% in 2023, in part supported by public investments. Weaker external demand, high domestic inflation and resultant tighter domestic financial conditions will constrain exports, consumption, and investment.
The Central Bank, through its fiscal and monetary policy interventions, will have to conduct a delicate balancing act between keeping inflation under control and maintaining the post-pandemic economic rebound.
Despite the sombre economic outlook, we remain focused on delivering the Fund’s 2015-2025 financial strategic goals of growing the fund size to UGX 20Tn while keeping operating costs below 1% of the fund size.
As the Finance Function, we continue to operate optimally and, advance the Fund’s 10-year strategic priorities key among which is cost rationalisation. Some of the enablers of this include embracing technology to handle mundane and repetitive tasks and enhancing our systems to serve our customers better. In addition, we continue to invest in our workforce to equip them with data capabilities and diverse skills that holistically support the organisation to enable informed decision-making.
The recovery and growth of the world economy continue to be hindered by a series of destabilising shocks. After more than two years of the global pandemic, Russia’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation and financial conditions have exacerbated the slowdown in global growth.
Uganda’s economic activity is projected to remain modest as the shocks to commodity prices, production and distribution disruptions, and global inflation continue to dim the prospects for domestic economic growth according to the Bank of Uganda. Therefore, economic growth is projected in the range of 4.5% to 5.0% in 2022 and rising slightly to 5.0% – 5.5% in 2023, in part supported by public investments. Weaker external demand, high domestic inflation and resultant tighter domestic financial conditions will constrain exports, consumption, and investment.
The Central Bank, through its fiscal and monetary policy interventions, will have to conduct a delicate balancing act between keeping inflation under control and maintaining the post-pandemic economic rebound.
Despite the sombre economic outlook, we remain focused on delivering the Fund’s 2015-2025 financial strategic goals of growing the fund size to UGX 20Tn while keeping operating costs below 1% of the fund size.
As the Finance Function, we continue to operate optimally and, advance the Fund’s 10-year strategic priorities key among which is cost rationalisation. Some of the enablers of this include embracing technology to handle mundane and repetitive tasks and enhancing our systems to serve our customers better. In addition, we continue to invest in our workforce to equip them with data capabilities and diverse skills that holistically support the organisation to enable informed decision-making.
We are proud to present positive returns amidst global uncertainty. For details of these results, refer to our Audited Financial Statements for the year ending 30 June 2022.
We are proud to present positive returns amidst global uncertainty. For details of these results, refer to our Audited Financial Statements for the year ending 30 June 2022.
I would like to thank the Board and the Executive Management Team for their great support and co-operation rendered during the year. My special appreciation goes to Team Finance for their continuous commitment to excellence and innovation and, lastly to all NSSF staff for their firm commitment to ensuring that the Fund achieves its purpose of Making Lives Better.
Stevens Mwanje
Chief Financial Officer
I would like to thank the Board and the Executive Management Team for their great support and co-operation rendered during the year. My special appreciation goes to Team Finance for their continuous commitment to excellence and innovation and, lastly to all NSSF staff for their firm commitment to ensuring that the Fund achieves its purpose of Making Lives Better.
Stevens Mwanje
Chief Financial Officer