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GERALDINE SSALI: NSSF should stop trying to save East Africa when the real owners of the money are crying for help At the request of an unnamed Member of Parliament, Ms. Geraldine Ssali, the former Deputy Managing Director of NSSF wrote an opinion regarding NSSF’s claims of inability to pay its members a partial 20% to ward off Covid-19 related financial difficulties, even when there is an enabling law. The Fund’s management in a letter to the Finance Minister also said that over and above being illiquid, a fire-sale of the Fund assets in the region and in Uganda would have dire macro-ecobomic consequences. But in her opinion, Ms. Ssali says NSSF is simply abandoning its members at their hour of most need and is choosing to hide behind all sorts of flimsy reasons. Here below, we reproduce the letter in verbatim with minor adjustments.

Muhereza KyamuteteraMay 15, 2020May 15, 2020

Geraldine Ssali is a former Managing Director of NSSF. She holds an MBA (Finance & Financial Professionals) from Manchester Business School Worldwide, University of Manchester) and a M.Sc. (Maths, Economics and Statistics) from Makerere University. She also holds a Bachelor of Science (Mathematics, Economics and Statistics) also from Makerere University. She is a Chartered Global Management Accountant (CGMA) and Chartered Institute of Management Accountants (CIMA) fellow

Good afternoon Sir. Yesterday you asked for my opinion on the letter NSSF wrote to the Minister with regards to the Covid-19 relief for its members: Paying of 20% of each member’s balance. I’m not sure if the minister also asked Management to indulge in the Macro economic impact of this “transaction” but I think that would be MoFPED and Central Bank to competently handle macroeconomic policy and give the final position. NSSF management should concern themselves with their primary strand of responsibility- providing social security to its members. There’s a school of thought on the theory of the half…

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