The government in 2020 injected Shs205 billion into supporting SACCOs formed by enterprising Ugandans across the country.
According to the Minister of Trade, Industry and Cooperatives Francis Mwebesa, the money was doled out through the Presidential Initiative on Job and Wealth Creation, a project implemented by Microfinance Support Centre (MSC).
In a bid to support and strengthen the Cooperative movement, the government established the Microfinance Support Centre (MSC) which has been pivotal in extending financing to cooperatives of all types.
And last year, the funds were shared by organized groups engaged in various economic activities in and 70,626 villages across the country.
Through this initiative, the government sought to support 18 categories of associations, namely: Boda Bodas, women entrepreneurs, welders, taxi operators, fishermen, restaurant operators, mechanics, veterans and produce dealers.
Others are market vendors, tailors, Persons with disabilities (PWD’s), youth leaders, salons, performing artists, journalists and elected leaders.
The overarching goal of the initiative is to convert 68% of the country’s homesteads that are currently involved in subsistence production to market-oriented activities.
Minister Mwebesa was speaking during the 27th United Nations International of Cooperatives, which run on the theme 'Rebuild Better Together".
Uganda is working on a number of initiatives and legal frameworks to strengthen the cooperatives sector on top of already existing one like the National Cooperative Policy that was approved in 2011.
According to the minister, they are working with cooperators to review and formulate a new policy.
“The Final draft was scheduled to be presented to stakeholders for final review in 2020, but unfortunately COVID-19 set in,” he said.
The government is also in the process of addressing issues like inadequate and standard storage facilities, introducing the Agricultural Produce and Marketing Bill, strengthening cooperative training institutions, and recapitalizing cooperative societies that lost property during the insurgency.