BY MBONGENI NDLELA
MANZINI – Prime Minister Cleopas Sipho Dlamini says Government recognises the role played by cooperatives in the “development and promotion of a sustainable economy through grass-root level initiatives aimed at the empowerment of youth and women in communities.” According to Government social media, he was speaking during the National Cooperatives Day in Manzini yesterday, under the theme: ‘Cooperatives build a better world’.
Currently, cooperatives have mobilised members’ savings and deposits in excess of E1.8 billion, with an asset base of approximately E3 billion and a loan portfolio of over E1.3 billion, a 41% growth from last year’s figures.
His excellency the Prime Minister said, “His Majesty’s Government recognises that cooperatives are better placed to bring about equitable development in addition to social cohesion and continuity in communities. Co-operatives possess the institutional capability to realise Government intentions for sustainable development.”
The Prime Minister also noted that the co-operative business model is the best vehicle for supporting the low and middle-income segment of our population so as to minimise the levels of high poverty. This resonates well with Government’s economic recovery strategy.
“Indeed, emaSwati can directly or indirectly earn a living from the Co-operative Sector hence the need to encourage them to take keen interest in venturing into the sector. His Majesty’s Government, through policy formulation and legislative framework, has continued to support the growth and development of the co-operative movement as a significant economic actor,” added the Prime Minister.
The Prime Minister also revealed that currently, the Co-operative Societies Act, 2003 is in the process of review which aims to cater for promotion of competitiveness and sustainable co-operatives for socio-economic development; education and training; youth and gender; and environmental concerns, amongst others in the co-operative sector.
DGRV Regional Programme Director Veit Gesenhues echoed the PM’s words. He said “What Eswatini has achieved in the past is amazing – when you drive through the country, you see cooperatives. You have a sector that is vibrant. Through the cooperatives sector, communities are uplifted and it is now up to you make this better than it already is, for your children and future generations.”
