While the cooperative bank is in the pipeline, the government challenges co-operatives to be job creators.
Co-operators in Uganda have a reason to smile as the government schedules the revival of the collapsed Cooperative Bank.
Hon. Jane Ruth Achang the Minister of Health shaking hands with Mr. Johnas Tweyambe the Chairman BOD of Uganda Co-operative Alliance Ltd during the Coop Day celebrations 2023 at Mayor's Garden in Lira City
As the world concludes the celebrations of International Co-operative Day 2023, the President of the Republic of Uganda, H.E. Yoweri Kaguta Museveni (who was the chief guest for the event), challenges the Cooperatives to take advantage of the prevailing peace and security to engage in productive activities that create jobs, and sustainable growth.
The president remarked in a message delivered to co-operators on his behalf by the Minister of Health, Hon. Jane Ruth Aceng (Area Member of Parliament), at the 101st International Cooperatives Day and 29th United Nations International Day of Cooperatives held at Mayor’s Gardens in Lira City. The commemoration, hosted by Lango Cooperative Union Ltd. and Walimu Co-operative Union Ltd., was held under the theme "Cooperatives: Partners for Accelerated Sustainable Development."
In his message, the President said that the government is focusing on creating wealth and encouraged Co-operatives to embrace government programmes such as the Parish Development Model (PDM) to transform lives. He emphasised the importance of Commercial Agriculture, Industries, Services, Information, communication, and Technology (ICT) and a big Pan-African market in job creation, wealth creation, and the transformation of the country.
Hon. Aceng appreciated the cooperators for their creativity that aims to elevate the wellbeing and sustainability of their members.
"While inspecting the stalls, I realised that cooperators are performing well and have accumulated money that can be put together to improve members’ welfare," she said.
In the same vein, she pledged to join hands and work with the co-operative movement towards the recovery of the Co-operative Bank.
"I pledge to work with you as a cooperator. I am going to push Parliament so that a Cooperative Bank is established to handle matters of financing the operations of Cooperatives". Hon. Aceng said
In a rejoinder, Mr. Tweyambe Johnas, the Chairperson of the Board of Directors of Uganda Co-operative Alliance Limited, thanked the government for the green leaf of re-establishing the Co-operative Bank in Uganda to ease access to affordable financing.
"Our prayer therefore is to kindly request for your support in providing startup capital, just as you have always supported marginalised groups in the money economy," Tweyambe said.
He also asked the government to fast-track the amendment and harmonisation of the current laws on co-operatives, especially Savings and Credit Co-operative Organisations (SACCOs), as guided by the attorney general and solicitor general.
"The current legal lacuna continues to impair and suffocate your efforts of Emyoga and PDM SACCOs as special-purpose vehicles to prosperity," he said.
In his speech, the chairman also askes the state to invest in co-operative education in order to create the requisite human resources for the development of co-operative in Uganda, like it is in Kenya and Tanzania, where co-operatives are studied up to doctorate levels.
"... upgrade the two co-operative collages (Tororo and Kigumba) into universities or degree-awarding institutions to enhance skills and knowledge in co-operatives," his speech reads in parts.
Meanwhile, the Minister of State for Co-operatives Hon. Fredrick Gume Ngobi has says that the government is set to revive the Co-operative Bank to enable co-operators save more money in order to invest in Projects to develop themselves.
"Since our struggle started, the government has accepted that we revive our co-operative bank, we have already hit one of the order papers of Cabate, and it is just a matter of time that we will be presenting the need for the bank," Ngobi said.
The July 1, 2023, celebrations marked the 101st International Day of Co-operatives and the 29th United National Day of Co-operatives.
During the celebrations, Ugandan Co-operatives usually set aside a weeklong series of activities that include blood donation, greening the environment, market cleaning and the symposium.