OP-ED: IS IT NOSTALGIC TO HAVE A LEADING SOCIAL SECURITY FUND IN THE REGION

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By Ben Ssebuguzi

Kampala: National Resistance Movement reversed public sector expansion where building roads, banks, manufacturing etc belonged to government where by it changed to privatisation in 1990s.Many heavy tasks which were consuming much of the tax payers money were cut off hence making government more viable in service delivery.

According to privatization’s supporters like my self, this shift from public to private management is so profound that it has produced a panoply of significant improvements: boosting the efficiency and quality of remaining government activities, reducing taxes, and shrinking the size of government. In the functions that are privatized, the profit-seeking behavior of new, private sector managers has undoubtedly led to cost cutting and greater attention to customer satisfaction.

The growth of private sector in the country after liberalisation of the economy has led to spontaneous growth of the National social security fund where workers who are not pensionable by government save 10% while employers top up 5%.This has increased members contributions with NSSF.

Incidentally, it has not been very easy journey for NSSF to the extent of being the leading social security fund today and to be the leading in the region with Assets worth Ugx 17.25 trillions.Before the current management,the fund was synonymous with mismanagement of workers savings where a bunch of them were prosecuted.

Starting with appointing right people at the helm of the fund by government that are practicing good governance,this has increased public confidence since they have an investment model that is aggressive but prudent hence giving savers higher interest rate which is above inflation hence growing their savings.

Coupled with good support from government through legislation like the National Social Security Fund (Amendment) Act 2022 has also propelled them to even beat Kenya where our GDP is just 30% of there’s.

In a nutshell,we have started to reap the benefits of our good policies where we have reached to an extent of being benchmarked.Many government agencies have very good governance behaviours that are focusing on delivering good and service to a customer.Next time do not be caught off guard when Uganda Airlines becomes the leading airline in the region.

Ben Ssebuguzi is public awareness fellow with public opinions international and Secretary general of Uganda Poor youth movement.

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