By Ambrose Gahene,
MASAKA
The Minister of State for Trade, Hon. General Wilson Mbasu Mbadi, has cautioned cooperatives against deviating from the core objectives for which they were formed.
“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 the remarks at the closure of the National Cooperatives Symposium that was held at Maple Leaf Hotel in Masaka.
The National Cooperatives Day Symposium is an annual event that brings leaders of cooperatives together to discuss issues affecting the sector before the International Cooperatives Day celebrations that are held on 20 July every year.
He urged leaders of cooperatives to refocus their efforts towards industrialization, creating an environment that enables cooperatives to perform well, develop relevant products, and offer affordable financial services.
The Minister of State for Cooperatives, Hon. Gume Fredrick Ngobi, announced that the formation of the Cooperative Bank is in its final stages and called upon the leaders of cooperatives to mobilize their members to buy shares so that the operationalization of the bank can be fast-tracked.
Prof Ezra Suruma, who gave a keynote address at the symposium, decried 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,” said Dr Suruma.
The General Secretary of Uganda Cooperatives Alliance, Mr Asiimwe Ivan appreciated the government’s support that has facilitated the thriving of cooperatives in Uganda. He encouraged cooperators to use the knowledge and skills they acquired through such engagements to develop the country and continent as a whole.
The Wazalendo SACCO Chief Executive Officer, Col. Joseph Onata urged the leadership of the Ministry of Trade, Industry and Cooperatives to fast-track the streamlining and harmonization of the legal framework governing cooperatives for the growth and sustainability of the sector.
Col Onata equally implored cooperatives to focus on corporate governance and improving the livelihoods of their members as a basis 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 July 20, 2024, in Bukomansimbi District and is organized by the Ministry of Trade Industry and Cooperatives in conjunction with Uganda Cooperative Alliance (UCA) and Uganda Federation for Community Cooperatives (UFCC) under the theme, “Co-operatives Building A Better Future”.
