Africa's development paradox has been described by some as "poverty amidst plenty". This contradiction is a pointer to the sad reality of how one of the most endowed continents hosts the biggest portion of the world's bottom billion people in terms of material prosperity. This is reflected in the history and present of Uganda, a promising country but perpetually beholden to corruption, political violence and social conflict.The discovery of oil and gas has heralded a new dawn of expectations both for the government and the citizens. However, this calls for a robust natural resource management framework. In this publication, the authors examine the suitability of a sovereign wealth fund as a suitable investment and management vehicle for the petroleum receipts. Furthermore, the authors delve into the intricacies of public debt management. The case studies of the Botswanan Pula Fund and the Government Pension Fund of Norway (the Norwegian Petroleum Fund) are examined in relation tolessons that can inform the Uganda Sovereign Wealth Fund.