Bank of Uganda trains journalists on petroleum revenue investment reserve

18 September 2025, 12:52 pm

By Ronald Ssemagonja

The Bank of Uganda yesterday held a media training aimed at improving accurate reporting on petroleum management and the Petroleum Revenue Investment Reserve (PRIR).

The training brought together media representatives to enhance understanding of Uganda’s sovereign wealth fund and its role in managing oil revenues responsibly.

Established under the Public Finance Management Act (PFMA) 2015, the PRIR is designed to complement the Petroleum Fund. While the Petroleum Fund channels part of oil revenues into the consolidated fund to support the annual budget, the PRIR serves as a long-term investment vehicle, ensuring that today’s oil wealth translates into lasting prosperity for future generations.

During the session, officials from the Bank of Uganda explained that the PRIR will invest in a diversified mix of global assets, including corporate bonds, infrastructure, government securities, equities, real estate, and other instruments. The asset allocation and investment strategy, guided by the Ministry of Finance, aim for stability, steady returns, and long-term growth. Officials emphasized that Uganda’s framework draws on international best practices, including the Santiago Principles, while tailoring solutions to the country’s economic realities.

PRIR is expected to start generating returns once oil revenues begin flowing in 2026-2027. Returns are projected to be modest initially but will grow as the fund expands, likened by officials to planting a tree whose harvest sustains generations.

Journalists who attended the training expressed gratitude for the opportunity to deepen their understanding of PRIR. Media practitioner Innocent Kayiza described the training as a “good gesture” that equipped him to explain PRIR in detail. Participants encouraged the Bank of Uganda to continue organizing such sessions to keep the media updated on petroleum revenue management.