Government set to revive cooperative bank

Early in the 1990s, the bank failed due to purported mismanagement.

Ngobi has since stated that a Cabinet paper has already been presented to that effect, further urging support for the plan.

"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 Cabinet, and it's only a matter of time before we will be presenting the need for our bank," he stated.

His comments were made in advance of activities honouring the United Nations' (UN) International Day of Cooperatives, which has been observed annually on July 1 since 1923.

The occasion honours cooperatives' enormous contribution to the world economy and their part in fostering a more sustainable future.

The 100th International Cooperative Day, often known as "Coops Day," will be observed this year with the slogan "Cooperatives for Sustainable Development."

The week-long Coops Day festivities will feature an exhibition and a national conference on cooperatives to debate issues of regulation and development, according to Robert Mpakibi Waiswa, the commissioner for cooperatives in the Ministry of Trade.

It should be noted that Ugandan farmers in the 1960s, 70s, and 80s heavily relied on Government cooperative organisations such as Busoga Cooperative Growers Union and Bugisu Cooperative Union, among others, that bought farmers’ produce at favourable prices.

This, however, changed when Uganda, under the Museveni-led Government, adopted a free market economy, which brought about the irrelevance of such organisations.