Chelugui: Co-operatives are the wheels that drive our economy

There is immense potential that lies within Cooperatives and MSME Sector.

Co-operatives Cabinet Secretary Simon Chelugui says this is an area that should be tapped into.

He spoke on Wednesday March 27, 2024 when he presided over the launch of the much-anticipated Shares Drive for Harambee Sacco in Nairobi.

At one time Harambee Sacco was the biggest Sacco in Africa in terms of shareholding and membership.

But, just like any other business entity, it has not been smooth sailing for Harambee Sacco.

However, the CS pointed out that the organization has surmounted its challenges especially the ones brought about by the implementation of the structural adjustment program which forced the government to freeze employment of new workers in the years gone by.

This saw the Sacco membership reduce as well as its financial muscle.

“However, I am happy to note that despite all these, Harambee Sacco, leadership, came up with strategies to overcome these bottlenecks and bounce back with a focus to become one of the formidable Sacco in the continent,” he stated.

He noted the remarkable performance by Harambee Sacco with financial indicators showing an increase of share capital to over Kes.2.3 billion; Assets base of over Kes.38.3 billion; Loan book of Kes. 29.1 billion; Total income of over Kes. 5.69 billion; a net surplus of over Kes. 919 million and a declaration of interest on deposit of over Kes.1.9 billion.

As the Sacco embarks on this share drive, Chelugui said it is essential to recognize the pivotal role that cooperatives play in fostering economic empowerment, social cohesion, and sustainable development.

“Cooperatives have long been a driving force behind our nation’s progress, empowering individuals and communities to pool their resources, harness their collective strength, and create opportunities for prosperity,” he said.

Cooperatives are the wheels that drive our economy and a pillar of the Bottom Up Economic Transformation Agenda (BETA).

 

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