President William Ruto has said Cooperative movement is a powerful engine for economic development of African Nations.
Speaking during official opening of 24TH SACCA Congress held in Naivasha the President said the Cooperative movement empowers vulnerable citizens making them earn a livelihood and enables them to be economically stable.
The president said 30 per cent of the Country’s domestic saving is from the Cooperative movement, adding that the Cooperative movement has enabled Kenya achieve tremendous economic development which is a milestone in improving the living standards of millions of Kenyans.
He added that the Kenya Cooperative Movement is a key economic development tool as many Kenyans depend on Cooperatives directly to earn their living, educate their children and run their various businesses and enterprises.
“Many Kenyans directly depend on the Cooperative movement to earn a living, educate their children and do various Businesses”, he said.
President Ruto said that by December 2023 Membership of Kenyan Cooperatives movement was at 8.4 million, this is an indication that the Cooperative movement is a key to development of many Kenyans and its impact to the society is felt directly by Kenyans in all parts of the Country.
The Head of State added that the Asset Base of the Cooperative Movement in Kenya as at December 2023 was KSH.972 Billion which greatly supports our economy in various sectors.
“My Government has decide to have a stand-alone Ministry of Cooperatives in the country to directly boost the status of economic livelihood of Kenyans especially youth and women who directly depend on the Cooperative movement” said President.
President Ruto added that as at December 2023 the Savings of Cooperative Movement in the Kenya was 682 Billion that is an indication that Kenyans trust the Cooperative movement as custodian of their resources.
He added that Kenyans have been for a long time using Cooperative Movement as a tool to boost their livelihoods since it is easily accessible to every Kenyan in any part of the nation.
“We thank our fellow countrymen for saving in our Cooperatives, and I want to assure all Kenyans that the Government will ensure that all money saved in the Cooperative Movement is safe.” said President Ruto.
The President reveal that the Government has laid out regulations which will protect and strengthen the high integrity of all Cooperates in the country and ensure they operate within stipulated procedures and regulations.
“My Government will make sure all state agencies responsible for the Cooperative Movement perform their duties perfectly and in accordance with the laws to safeguard the money and will use all resources available to build Kenyans’ trust in the Cooperative Movement”, said the Head of State.
He also indicated that the Loan portfolio of the Cooperative Movement in Kenya as at December 2023 was KSH.758 Billion as he urged Kenyans to ensure the loans taken in the Cooperative movement are utilized for the economical purpose which will have positive impact to citizens lives.
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He also reminded Kenyans who take loans to pay so that the Cooperative Movement addresses the issue of defaulters.
The President reaffirmed all Kenyans that the government will address all challenges being faced by the Cooperative movement and ensure the movement continues to be a tool of economic prosperity in the livelihoods of Kenyans in all 47 counties.
He highlighted some of the challenges facing the Cooperative movement as low capitation, low level of technology, low value added and low market access as he reaffirmed that the government will put adequate measures to address those challenges.
The Head of state said that the Government in conjunction with National and International partners will put adequate policies that will ensure all sectors of the Cooperative movement excel economically and achieve their objectives of impacting positive economic changes to all citizens.
He gave an example of the Cooperative Society Bill of 2024 which he said is among regulations that will enable the Cooperative Movement to prosper and to have a clear Regulations legal policies that will perfect the operations of Cooperative movement in the country.
He urged ACCOSCA to support financial institutions in the Country and equip them with necessary knowledge and skills that will enable them fulfill their financial and economic obligations.
The Head of State urged Cooperative Movement in the country to implement the Government policy of planting over 15 Billion trees in order to increase forest coverage of Kenya from 12 to 30 per cent.
He was speaking in a speech read on his behalf by Prime Cabinet Secretary Musalia Mudavadi during the grand opening of the 24TH SACCA CONGRESS in the Lake Naivasha Resort in Nakuru County.
Other dignitaries who attend the event include ACCOSCA Executive Director George Ombado, ACCOSCA Board Chairperson Somoe Ismail Nguhwe (Tanzania), ACCOSCA Board Treasurer Jeanette Makgolo (Botswana), Kenya Cooperative Cabinet Secretary Wycliffe Oparanya, Cabinet Secretaries from Kenya, Cabinet Ministers from African Countries, Ambassadors and High Commissioners from various Countries in the World and Chief Executive Officer of Financial Institutions, Credit Unions Organizations among other dignitaries. Delegates from 42 countries in the World also attend the event.
BY PETER OTUORO
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