MBABANE – Did you know that the Eswatini’s cooperative sector has become a model for reference in the SADC region?
Yes, this has been proven by statistics that were released by the Ministry of Commerce, Industry and Trade today. In fact, Minister Mancoba Khumalo has disclosed that the cooperative movement in the Kingdom of Eswatini features over 700 registered cooperatives and a membership of over 81 500 people.
The minister shared the good news during a virtual commemoration of International Day of Cooperatives held under the theme, ‘Rebuild better together’
“This is demonstrated by the increasing number of visitors across borders to learn on the development of co-operatives in the country. The Cooperative movement in the country features over 700 registered co-operatives and a membership of over 81 500 people,” he said.
Khumalo stated that co-operatives in the country have mobilized members’ savings and deposits in excess of E1.3 billion. This, he said, feature and asset base of approximately E2.1 billion and a loan portfolio of E844 million.
Furthermore, he said the cooperatives directly employ more than 500 people.
“Government recognizes the importance of co-operatives in wealth and employment creation, therefore, has placed the Cooperative Sector at the heart of the Economic Recovery Strategy; counting on the Sector as a reliable development partner,” he said.
In closing, the minister further appointed a Cooperative Advisory Board as per section 43 of the Co-operative Societies Act of 2003.
The Board is made of Qinisile Matse (Chairperson), Hezekiel Tfwala, Mangaliso Zwane, Sanelisiwe Ngcotheni, Nonhlanhla E. Mnisi, Enock Dlamini and Banele Nkambule.
