Online Reporter
Herald Reporter
GOVERNMENT has approved the National Cooperative Societies Development Policy, which aims to transform cooperatives into catalysts for innovation, industrialisation and wealth creation.
The policy will also provide a legal framework to establish good governance, financial inclusion, transparency and accountability within these entities.
Speaking at yesterday’s post-cabinet briefing, Information, Publicity and Broadcasting Services Minister, Dr Jenfan Muswere, announced that the new policy aligns cooperatives with the country’s national economic blueprints.
“Cabinet considered and approved the National Cooperative Societies Development Policy,” he stated.
The policy reviews the previous 2005 Cooperative Policy and seeks to rebrand cooperative societies by making them instrumental in innovation, industrialisation, empowerment and wealth creation.
“The policy further provides an enabling regulatory framework that aims to entrench good governance, financial inclusion, as well as transparency and accountability in the management of cooperative societies, unlike in the past,” said Dr Muswere.
He also highlighted that the new policy aligns the cooperative sector with national development strategies, financial inclusion initiatives, artificial intelligence (AI) and digitalisation.
Dr Muswere emphasised the Government’s recognition of the role cooperatives played in the country’s economic development.
“Over 10 800 registered Cooperative Societies are expected to benefit, covering an estimated membership of around 3 million,” he noted.
“The Government acknowledges the contribution of the cooperative sector as a key economic driver, contributing over 210 000 housing units since 2010, serving unbanked communities through Savings and Credit Cooperative Schemes (SACCOS), and actively contributing over 80 percent to national kapenta production, among other economic benefits.”
