Over Sh279 billion invested in ZSSF projects, says government
Deputy Minister for Finance and Planning, Mr Juma Makungu Juma, speaks during a session in the house of representative, Chukwani, Zanzibar. PHOTO | COURTESY
Unguja. The Zanzibar Social Security Fund (ZSSF) has invested a total of Sh279.26 billion in various projects since its establishment in 1998, it has been revealed.
The Deputy Minister for Finance and Planning, Mr Juma Makungu Juma disclosed the new development on Saturday, May 17, 2025, during a session in the House of Representatives.
He was responding to a question from Dr Mohammed Ali Suleiman, (Mtambwe Member of Representative) who inquired about the total investment in projects since the fund’s inception.
Dr Suleiman also sought clarification on the benefits accrued to the ZSSF and its main contributors, as well as any potential losses incurred from these investments.
In response, Deputy Minister Makungu confirmed that the fund’s investments have been directed into a range of initiatives, including commercial and residential buildings, children’s playgrounds, and other infrastructure projects.
In terms of financial returns, the Deputy Minister revealed that by the 2023/24 period, the fund had generated Sh88.809 billion in profits.
He further highlighted the benefits to contributors, noting: “These projects have created both permanent and temporary jobs, which have contributed to the growth of our country’s economy.”
The fund has also consistently fulfilled its obligations to pay benefits on time, by the relevant laws and regulations.
Furthermore, the ZSSF’s investments have resulted in a significant increase in its assets, enabling the fund to expand its benefits from three to six categories.
These now include compensation pay and pension, disability benefits, inheritance benefits, maternity benefits, unemployment benefits, and work injury compensation.
Deputy Minister Makungu reassured the public that, since its inception, the ZSSF has never incurred operational losses.
However, he acknowledged challenges stemming from fluctuations in the global economy.
“While the fund has not reported operational losses, some business challenges have arisen, particularly due to shifts in the global economic climate,” he explained.
“These fluctuations occasionally result in lower-than-expected profits, especially during periods of instability in local and international financial markets and global economic downturns,” he added.
