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President William Ruto has said the government is keen to strengthen cooperative societies to boost growth.
He said cooperatives will support the formalization of informal sector players and entrepreneurs.
This, he explained, will help bring hard-working Kenyans together, allowing them to benefit from economies of scale.
He noted that co-ops also have the power to nurture a savings culture and provide members with access to affordable financing.
He spoke Saturday at the 101st Ushirika Day Celebrations at the Kenyatta International Convention Center in Nairobi.
Those present included Vice President Rigathi Gachagua, Cabinet Secretaries Simon Chelugui (Cooperatives and MSMEs) and Alice Wahome (Water and Irrigation).
“We will be implementing new policies, including the establishment of a central liquidity facility, to improve the efficiency and quality of Sacco services.”
The president noted that this will also reduce operational risks for Saccos.
“The changes will also facilitate short-term lending between Sacco and facilitate access to the national payment system,” he added.
He explained that the government is complementing cooperatives by setting up collection and distribution centers for storage, value-added and marketing of agricultural products.
“The goal of this partnership is to reduce post-harvest losses, eliminate predatory cartels and increase farmers’ incomes.”
Mr. Gachagua urged farmers to group in Saccos to increase their bargaining power.
Distributed by APO Group on behalf of the President of the Republic of Kenya.
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Stronger cooperatives will drive our bottom-up economic agenda — President Ruto
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