EconomyNews

Cooperatives can enhance local development

The LCV chairperson Katakwi district Walter Elakas Okiring is rooting for a strong cooperative movement in every sector in the society that will heighten developments and empowerment of locals.

According to Elakas, the development in Uganda experienced in the late 90s depended on savings from residents as this played a significant role in poverty eradication.

“There is no considerable domestic development that can be achieved without saving,” he said adding that there is no small amount of money when saved.

He said Government has provided a conducive environment for Co-operatives and other financial institutions to thrive.

The district boss, speaking to the cooperator called on Saccos to be creative and innovative in the services they offer.

He said his government is committed to strengthening the Co-operative movement in the district and enhancing partnership.

“I am glad we have supported teachers and farmers who have established Savings and Credit Co-operative Societies that are now functional and doing well,” he said.

He noted that through the support of the county government, Katakwi teachers have formed a successful society which is now leading money to members at an interest rate of 10 %.

On Co-operative development in the district, Elakas said the district has increased to seven Saccos operating from four.

Among the functional Saccos include Katakwi teachers Sacco, Katakwi high school teachers Sacco, Egangakinos Bonik Sacco, Amusia farmers Sacco and Toroma teachers Sacco.

Meanwhile, Robert Omwatum, a resident of Kaikamosing village in Magoro sub-county calls on the office of the district commercial officer to train locals on Sacco dynamics and financial management.

“A majority of Saccos have collapsed due to lack of knowledge on group dynamics and financial indiscipline” stated Omwatum.

However, residents have been cautioned against people running pyramid-like organizations.

“These groups of people are enticing members of the public to save with them and get returns or loans 10 times their savings. Just keep off such individuals,” said Patrick Todi, the district commercial officer.

He called on area residents to be cautious before engaging with such organizations and if necessary, seek information from his office.

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