Government issues Sh1.5 trillion in loans to facilitate Saccos activities

Wednesday July 07 2021
Saccos pic

Minister for Agriculture, Prof Adolph Mkenda

By The Citizen Reporter

Tabora. The government said recently that it has facilitated the issuance of loans totalling Sh1.5 trillion to facilitate operations of Savings and Credit Co-operative Societies (Saccos) across the country.

This was revealed here during a recent commemoration of the International Day of Cooperatives by the minister for Agriculture, Prof Adolph Mkenda.

Prof Mkenda said the cooperatives have also helped to boost prices for some crops like cotton.

“I want to pay tribute to Kahama Cooperative Union (KACU) because it is through lobbying done by the union that cotton price went up and beginning this season farmers will have better prices for their yields,’’ he said

The good news, according to the minister, was a greater achievement in cooperatives, as he insisted that the government had greater expectations from cooperative unions.

He said his ministry would equally continue supervising cooperatives in ensuring that they continue growing in the country as well as improving livelihoods of farmers, pastoralists, fishermen and women all Tanzanians in general. In another development, the minister said the government was currently reviewing the Cooperative Societies Act 2013 to ensure that effective operations and assets of the unions are protected and controlled by members.

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The move aims at ensuring that cooperatives are free from any external interference including top leaders from the government.

Prof Mkenda said the government would invite stakeholders so that they can discuss constructively, a move that will help formulate the best legislation which will protect the interests of members of the cooperative societies.

“The current law was enacted in 2001 and later amended in 2013, but this time round we want to come up with a law which will remove all bottlenecks impeding cooperative societies in the country,’’ he said.

He added that the government wanted to intensify accountability in the performance of all Agricultural Marketing Co-operative Societies (Amcos) and Saccos in the country.