Cooperatives advised against straying from their primary goals

Masaka | General Wilson Mbasu Mbadi, Minister of State for Trade, has warned cooperatives against deviating from the primary goals for which they were established.

“Since 1913, when cooperatives were first established in Uganda, the intention has been to fight the exploitation of farmers and producers by middlemen through a coordinated effort. 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 end of the National Cooperatives Symposium, which was held at the Maple Leaf hotel in Masaka.

The National Cooperatives Day Symposium is an annual event that brings cooperative leaders together to discuss sector issues prior to the International Cooperatives Day celebrations, which take place on July 20 each year.

He urged cooperative leaders to refocus their efforts on industrialization, creating an environment conducive to cooperative performance, product development, and affordable financial services.

Gume Fredrick Ngobi, Minister of State for Cooperatives, announced that the Cooperative Bank’s formation is nearing completion and urged cooperative leaders to mobilise their members to buy shares in order to expedite the bank’s operationalization.

Prof. Ezra Suruma, who delivered the symposium’s keynote address, decried foreign commercial banks’ dominance in the economy.

“No country can mobilise 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.

Asiimwe Ivan, General Secretary of the Uganda Cooperatives Alliance, praised the government’s support for the growth of cooperatives in Uganda.

He encouraged cooperators to use the knowledge and skills they gained from such engagements to help the country and continent as a whole.

Col. Joseph Onata, Chief Executive Officer of Wazalendo SACCO, has urged the Ministry of Trade, Industry, and Cooperatives to expedite the streamlining and harmonisation of the legal framework governing cooperatives in order to ensure the sector’s growth and sustainability.

Col. Onata also urged cooperatives to prioritise corporate governance and improving the livelihoods of their members 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.”

The Ministry of Trade Industry and Cooperatives, in collaboration with Uganda Cooperative Alliance (UCA) and Uganda Federation for Community Cooperatives (UFCC), are holding this year’s celebration in Bukomansimbi district, with the theme “Co-operatives Building A Better Future.”