This archive report was first published on 20 July 2019.
On Saturday, President Uhuru Kenyatta celebrated the 97th International Co-operative Day at the Kenyatta International Convention Centre, where he praised Kenya's cooperative movement for its significant contribution to the country's progress.
The cooperative movement in Kenya is ranked the best in Africa and seventh best globally, with an asset base of over Shs 1 trillion.
President Kenyatta acknowledged the central role played by saccos in the economic stability of the country, noting that cooperatives in Kenya have mobilized members' savings and deposits in excess of Shs 732 billion, feature an asset base of approximately Shs 1 trillion, and hold a loan portfolio of Shs 700 billion.
He emphasized that cooperatives account for 45% of Kenya's Gross Domestic Product and 30% of national savings and deposits.
President Kenyatta directed the Ministry of Industry, Trade and Co-operatives to fast-track the formulation of the National Co-operative Policy and immediately operationalize the proposed Sacco Societies Fraud Investigation Unit (SSFIU) within the Sacco Societies Regulatory Authority (SASRA).
He also called for the fast-tracking of the process of establishing a central liquidity facility, which will enable saccos to participate in the national payment system and allow them to come up with more innovative products for their members.
President Kenyatta further stated that the government's goal is to serve as facilitators and enablers, clearing the path for co-operatives to realize their full potential.
He acknowledged the cooperative sector's role in fostering national unity and building individual and national prosperity.
President Kenyatta also praised the cooperative sector's contribution to the Big 4 Agenda programs, including decent and affordable housing, affordable healthcare for all, food and nutrition security for all Kenyans, and job creation and economic growth through manufacturing.
He noted that the government is partnering with the cooperative sector to ensure that as many Kenyans as possible enjoy the dignity of owning their own decent homes.
President Kenyatta revealed that 12 deposit-taking saccos have subscribed to the Kenya Mortgage Refinance Company, which was established to unlock liquidity for mortgage financing under the government's affordable housing program.
He also directed the Ministry of Trade to undertake a restructuring of the Kenya Planters Cooperative Union (KPCU) and the Kenya Farmers Association (KFA), citing their disappointing performance.
President Kenyatta assured dairy farmers that the government is systematically revamping collapsed and underperforming KCC factories across the country, starting with the New KCC Eldoret factory, followed by the Sotik plant, and now the Dandora unit.
He announced that the government is working on reviving the Nyahuru and Kiganjo facilities.
President Kenyatta was accompanied by Trade CS Peter Munya and Nairobi Governor Mike Sonko among other senior government officials.
