By Eva Namugga
As government gears up to alleviate poverty in Uganda, have commenced processes of reviving cooperative bank fully as one of the means through which masses can be encourage to engage in the money economy.
Cooperatives are one of the earliest forms of business organizations in Uganda as they started way back in 1964 with a view of eliminating Asian middle men in cash crop production and marketing.
Since then Cooperatives grew to a sizeable number of 5,452 as by 1986 before they were weekend by the so called libration war which caused destruction and looting of their movable properties.
In the early 1990’s government liberalized the economy which led to the stiff competition between government and cooperatives in exportation of the cooperatives production.
The private individuals were allowed to export agricultural products that used to be a preserve of the Cooperative Unions.
The Minister of State for Industry Trade and Cooperatives General Wilson Mbadi Mbasu said that government is under taking initiative to ensure that cooperatives are doing well and is doing research to ascertain what led to the collapse of the cooperative bank
Gen. Mbade made the remarks while addressing journalists are Uganda Media Centre in Kampala about the International Day for Cooperatives that will be commemorated on Saturday 20th July, 2024.
The day will be celebrated under the theme; ‘’Cooperatives Build a Better Future for All’’
He said that the number has grown from 5, 452 as by 1986 to 45,452 currently something he said that will help in poverty eradication.
“I belong to Wazalendo Cooperative but we were being taxed by URA yet the Policy gives a waiver to incomes generated by this institution. We want government to intervene,” Gen. Mbadi said.
The Secretary General of Uganda Cooperative Alliance Ltd Mr.Ivan Asiimwe said that plans are at advanced stage to revive the Cooperative Bank that will serve people engaged in agriculture production.
Mr. Asimwe revealed that the line Minister commissioned a fourteen member committee to carry out assessment across the country with a view of reviving the said bank.
“We have consulted cooperators in all major regions of the country and they made a resolution to have a farmer’s bank that will help extend credit to them at very low interest rate,” Asiimwe explained.
He further said that the cooperative members are ready to capitalize their bank so as to consolidate all their resources under one umbrella so as to avoid high lending rate from commercial banks.
As government gears up to alleviate poverty in Uganda, have commenced processes of reviving cooperative bank fully as one of the means through which masses can be encourage to engage in the money economy.
Cooperatives are one of the earliest forms of business organizations in Uganda as they started way back in 1964 with a view of eliminating Asian middle men in cash crop production and marketing.
Since then Cooperatives grew to a sizeable number of 5,452 as by 1986 before they were weekend by the so called libration war which caused destruction and looting of their movable properties.
In the early 1990’s government liberalized the economy which led to the stiff competition between government and cooperatives in exportation of the cooperatives production.
The private individuals were allowed to export agricultural products that used to be a preserve of the Cooperative Unions.
The Minister of State for Industry Trade and Cooperatives General Wilson Mbadi Mbasu said that government is under taking initiative to ensure that cooperatives are doing well and is doing research to ascertain what led to the collapse of the cooperative bank
Gen. Mbade made the remarks while addressing journalists are Uganda Media Centre in Kampala about the International Day for Cooperatives that will be commemorated on Saturday 20th July, 2024.
The day will be celebrated under the theme; ‘’Cooperatives Build a Better Future for All’’
He said that the number has grown from 5, 452 as by 1986 to 45,452 currently something he said that will help in poverty eradication.
“I belong to Wazalendo Cooperative but we were being taxed by URA yet the Policy gives a waiver to incomes generated by this institution. We want government to intervene,” Gen. Mbadi said.
The Secretary General of Uganda Cooperative Alliance Ltd Mr.Ivan Asiimwe said that plans are at advanced stage to revive the Cooperative Bank that will serve people engaged in agriculture production.
Mr. Asimwe revealed that the line Minister commissioned a fourteen member committee to carry out assessment across the country with a view of reviving the said bank.
“We have consulted cooperators in all major regions of the country and they made a resolution to have a farmer’s bank that will help extend credit to them at very low interest rate,” Asiimwe explained.
He further said that the cooperative members are ready to capitalize their bank so as to consolidate all their resources under one umbrella so as to avoid high lending rate from commercial banks.