The State Minister for Cooperatives, Fredrick Gume Ngobi, has said that government plans are underway to revive the Cooperative Bank.
While speaking at the launch of national celebrations to mark International Cooperative Week at Lake Victoria Primary School in Entebbe on 27th June, 2023, Ngoobi said a Cabinet paper to that effect has already been drawn and tabled.
“For the first time since our struggle began, the government has accepted that we revive our cooperative bank, we have already hit on the order paper of the cabinet, and it’s only a matter of time before we will be presenting the need for our bank,” he said.
In his speech, Ngoobi urged all co-operators to support the institution when it finally becomes a reality because it will be a game changer to the financial needs of the farmers since it’s going to be a bank owned by the natives, for the people, by the people.
He further said that the banks will address the saver’s corporate responsibility to fight and eradicate poverty and also urge transparency among the co-operators.
During the launch, the co-operators championed a tree-planting campaign across the country to mark the celebration week.
The Executive Officer of the Uhuru Institute, Leonard Okello, commended co-operators for marking the week with tree planting in order to mitigate the effects of climate change in the world.
Steven Nabende, the head teacher of Lake Victoria Primary School and also chairman of Walimu Cooperative Union, expressed gratitude to the minister and government for their support of his union.
“We are grateful for the support you have given teachers; we have so far received Shs80 million from the government, and we have put it to good use in terms of development,” he said.
The Cooperative Bank was part of the national financial system until the early 1990s, when it collapsed due to mismanagement, bringing with it a strong cooperative movement that existed at the time.
International Cooperative Day is an annual celebration of the cooperative movement observed in July since 1923 by the International Cooperative Alliance.
The climax of the activities will be marked by national celebrations in Lira on 1st July.