Cooperatives Cautioned Against Straying From Core Objectives
The Minister of State for Trade, Hon. Gen Wilson Mbasu Mbadi, has cautioned cooperatives against deviating from the core objectives for which they were established. “Since 1913, when cooperatives were first established in Uganda, the intention was to fight the exploitation of farmers and producers from middlemen through a unified action. Over time, cooperatives have somehow deviated from the main objectives for which they were formed,” said Gen Mbadi
The Minister made these remarks at the closing ceremony of the National Cooperatives Symposium, held at the Maple Leaf Hotel in Masaka.
The National Cooperatives Day Symposium is an annual event that brings together leaders of cooperatives to discuss issues affecting the sector, ahead of the International Cooperatives Day Annually.
Gen Mbadi urged cooperatives’ leaders to refocus their efforts on industrialisation, creating an environment conducive to the success of cooperatives, developing relevant products, and offering affordable financial services.
The Minister of State for Cooperatives, Hon. Gume Fredrick Ngobi, announced that the establishment of the Cooperative Bank is nearing completion and encouraged cooperative leaders to mobilise their members to purchase shares, enabling the bank’s operationalisation to be expedited.
Professor Ezra Suruma, who delivered the keynote address at the symposium, expressed concern about the dominance of foreign commercial banks in the economy. “No country can mobilize resources needed for development without having control of the financial sector of the economy. This is akin to someone else controlling your blood flow,” Dr Suruma remarked.
The General Secretary of the Uganda Cooperatives Alliance, Mr. Asiimwe Ivan, appreciated the government’s support, which has facilitated the growth of cooperatives in Uganda. He encouraged cooperators to utilise the knowledge and skills acquired through such engagements to develop the country and continent as a whole.
The Chief Executive Officer of Wazalendo SACCO, Col Joseph Onata, urged the leadership of the Ministry of Trade, Industry and Cooperatives to expedite the streamlining and harmonisation of the legal framework governing cooperatives, ensuring the growth and sustainability of the sector.
Col Onata also emphasised the importance of cooperatives focusing on corporate governance and improving their members’ livelihoods as a foundation for growth and sustainability. “Mismanagement and corruption have prevented cooperatives from progressing. As leaders and managers, we need to fight these two evils and protect members’ savings and interests.”
This year’s celebration is scheduled to take place today, 20 July 2024, in Bukomansimbi District, organised by the Ministry of Trade, Industry and Cooperatives in conjunction with the Uganda Cooperative Alliance (UCA) and the Uganda Federation for Community Cooperatives (UFCC), under the theme “Co-operatives Building A Better Future.”