Cooperatives seek Shs162b compensation in lost assets

Monday January 7 2019

Trade minister Amelia Kyambadde. FILE PHOTO

Trade minister Amelia Kyambadde. FILE PHOTO 


Kampala. About 1,110 cooperative unions are seeking to recover about Shs162b in lost properties and assets, according to the ninth trade sector annual performance report.
The report, which was presented by Trade minister Amelia Kyambadde indicated that government was committed to settle claims made by cooperatives for compensation of assets and property lost during wars and political insurgencies.
“The total claims presented to government so far amount to Shs162b,” the report reads in part, indicating that the compensation will only be realised after a rigorous verifications are conducted by an Inter-Ministerial Committee.
So far, since the committee was instituted in the 2016/17 financial year, government has compensated two comparatives including Masaba Cooperative Union (Shs2b) and Busoga Growers Cooperative Union (Shs2b).
This was done after the two were subjected to rigours verification. The Inter-Ministerial Committee established to verify the claims has also cleared seven cooperatives for compensation but it is yet to review claims from 1,110 cooperatives.
There are currently 18,611 registered cooperatives. These include 8,043 Saccos, 8,843 agricultural marketing cooperatives, 368 transport, 332 diary cooperatives, 69 housing, 30 energy, 75 fishing, 98 cooperative enterprises, 515 multipurpose and 125 grouped as others, according to the report presented by Trade minister, Amelia Kyambadde.
Unverified claims, according the report, currently stand at Shs146.7b.
According to Ms Kyambadde, the cooperatives sector is a key aspect in trade facilitation, export promotion and value addition, among others.
In the report, the Trade Ministry also said it was in consultations with stakeholder for an informed re-establishment of a cooperative bank to provide agriculture and commodity financing.
According to the report, a number of consultative meetings have already been conducted to among others consider partnerships between government and the cooperatives, mobilizing capital and establishing strategic partnerships with investors.