Kampala- Uganda Cooperative Alliance (UCA) has said they want the cooperative bank that was closed in 1999 under circumstances they call mysterious back. They have tasked government to provide them with the liquidation report such that they can do a bench mark of what went wrong then and do a correction.
The secretary general of UCA Mr Ivan Asiimwe said they are ready to revive the bank but they are only waiting for the green light from the government.
“We are more than ready to have our bank started but government has failed to avail the liquidation report of the bank. We talked to the speaker of Parliament to table this issue in Parliament but no fruit seems to have yielded in this direction,” said Mr Asiimwe.
The cooperative bank was in 1964. However, it lasted for 35 years before it was closed. Many years down the road, cooperatives have started a revival process and the bank among other things is the key issue they want to start with.
Speaking at the first National Kiswahili Cooperatives Debate Competitions and Dialogue in Kampala on Saturday, Mr Peter Kimbowa, the board chair of UCA, said the revival of the bank will ensure proper handling of cash and growth of internal structures within the union.
“We need the bank to come back. Many of the cooperatives are not able to use the commercial banks given their interest rates when it comes to borrowing and also the process of getting into these banks is too tedious,” Mr Kimbowa said.
Despite the low boom in cooperatives, there are 18, 000 registered cooperative companies spread around the whole country. These have been registered under the Uganda Cooperatives Registration Board.
Cooperatives think this number should have been higher if there was a conducive atmosphere under which to operate.
“This number should be higher than this, but we have very many issues at hand,” Mr Asiimwe said.
In a phone interview over the weekend, the acting senior public relations officer ministry of Trade, Ms Khadija Nakakande, told Daily Monitor that the matter had reached Cabinet.
“I am not sure but to the best of my knowledge, this issue had reached the cabinet. I don’t have more information than this,” she said briefly.