President of Kenya, William Ruto says the Government is keen on strengthening cooperative societies to stimulate the country’s economic growth.
He said cooperatives will support the formalisation of informal sector players and entrepreneurs. This, he explained, will help bring hardworking Kenyans together, allowing them to benefit from the economies of scale.
He noted that cooperatives also have the power to nurture a saving culture and offer members access to affordable financing.
The Kenyan leader was speaking on Saturday during the 101st Ushirika Day Celebrations at the Kenyatta International Convention Centre in Nairobi. Present were Deputy President Rigathi Gachagua, Cabinet Secretaries Simon Chelugui (Cooperatives and MSMEs) and Alice Wahome (Water and Irrigation), among others.
“We will put in place new policies, including the establishment of a central liquidity facility, to enhance efficiency and quality of Sacco services.”
The President observed that this will also reduce operational risks encountered by (Savings and Credit Co-operative Organisation or Society) Saccos.
“The changes will also facilitate short-term inter-Sacco borrowing and facilitate access to the national payment system,” Ruto added.
He explained that the Government is complementing cooperatives by setting up aggregation and distribution centres for storage, value addition and marketing of agricultural products.
“The objective of this partnership is to reduce post-harvest losses, eliminate predatory cartels and boost farmer earnings,” Ruto underlined.
Farmers were urged to group themselves in Saccos to help increase their bargaining power.