GOVERNMENT says cooperatives have a great potential to accelerate social and economic development in the country.
Speaking during the launch of the 2024-2028 National Cooperative Development Policy in Lusaka on Tuesday, Minister of Small and Medium Enterprise Development Elias Mubanga said he is confident that with the commitment of the stakeholders, the policy will contribute to the creation of sustainable environment that will provide opportunities for the growth of the cooperatives in the country.
Mr Mubanga noted that the overall objective of the policy is to attain a prosperous cooperative movement that contributes to economic transformation and job creation.
He explained that his Ministry has been relying on the 2012 national co-operatives development policy and strategy of 2019-2021 to guide the implementation and coordination of its mandate.
The Minister noted that the 2024 revised national co-operatives development policy and implementation plan, aims at providing a framework that addresses the current and emerging challenges to cooperative and entrepreneurship development in Zambia.
Mr Mubanga Indicated that the policy also aims at achieving sustainable growth of the co-operatives, contributing to citizen participation in economic activities and economic transformation.
Mr Mubanga said MSMEs account for 97 percent of all businesses contributing 70 percent to national GDP growth and 88 percent to employment creation making the sector very significant, especially for Zambia.
Speaking at the same event, O’Lakes Venture 37, Core Chief of Party Willy Nyirigira disclosed that O’Lakes has embarked on a five years project in Zambia.
Mr Nyirigira said the project in the country will aim at fostering vibrant and sustainable cooperatives consultancy in the next five year.
Meanwhile, Cooperatives Union Representative Godfrey Munyoro thanked the government for launching the policy as it will have a positive impact on the growth of cooperatives in the country.
Mr Munyoro said the policy will help address all the policy gaps in all the sectors of the Zambian economy.
The launched 2024 -2028 National Cooperatives Development Policy’s vision is sustainable and business-oriented cooperatives.