The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Uganda Cooperatives Alliance has urged the government to fast-track the revival of the Cooperative Bank, which was closed over two decades ago. Speaking during the 103rd International Cooperative Day celebrations held on Saturday at Booma Grounds in Fort Portal City, Johnas Tweyambe, Chairperson of the Uganda Cooperatives Alliance, emphasized the urgent need to re-establish the bank to support the growing cooperative movement.
The Cooperative Bank was closed in May 1999 by the then Bank of Uganda Governor, the late Charles Kikonyogo, due to inadequate capitalization and insolvency, which was estimated at Shs 4.8 billion by December 31, 1998. Tweyambe revealed that the Alliance already has clear and actionable resolutions to support the bank’s revival and has secured Shs 100 million as startup capital. He stressed that having their financial institution would enable cooperatives to access affordable and appropriate financing.
State Minister for Cooperatives, Fredrick Gume Ngobi, responded by assuring cooperators that the government has initiated steps toward reviving the bank and has set up a steering committee to oversee the process. He noted the significant growth of cooperatives in recent years, especially following the rollout of the Emyooga program, which has boosted the culture of savings across the country.
Representing President Yoweri Kaguta Museveni as the chief guest, State Minister for Trade, Gen. Wilson Mbasu Mbadi, urged cooperatives to maintain strong governance and transparency if they are to thrive and sustain long-term impact. According to the Ministry of Trade and Cooperatives, Uganda is home to over 47,000 registered cooperatives, with a membership exceeding 15 million people.
This year’s national celebration was held under the theme “Driving Inclusive and Sustainable Solutions for a Better World.” The event featured a series of activities, including a national blood donation and health camp, a tree planting campaign, a national cooperative symposium, a sports gala, the commissioning of the Busaiga SACCO main building, and an exhibition showcasing cooperative achievements.
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