By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: The state plans to implement the new Cooperatives Act on Ushirika Day
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > The state plans to implement the new Cooperatives Act on Ushirika Day
Business

The state plans to implement the new Cooperatives Act on Ushirika Day

Ivy Irungu
Last updated: May 31, 2024 9:43 am
Ivy Irungu
1 year ago
Share
SHARE

Cabinet Secretary Simon Chelugui, overseeing Cooperatives and Micro and Small Enterprise, announced plans for the government to unveil a new Co-operatives Act during this year’s Ushirika Day celebrations.

Chelugui emphasized that the development of the Cooperatives Bill No. 7 of 2024 represents a notable achievement in legislative endeavors.

He highlighted that the bill has successfully navigated its final obstacle, with the Ministry and the Council of Governors reaching a consensus on contentious and emerging issues.

“We expect a new Cooperatives Act that will be launched by His Excellency the President in July during this year’s Ushirika Day celebrations,” he said during the Annual National Co-operatives CEOs workshop in Mombasa. Chelugui said the new legislation provides a comprehensive framework for the regulation of cooperatives by both levels of government, while also promoting self-regulation within the co-operative structure and enhancing governance tools.

“This Bill is expected to elevate the co-operative sector to new heights of good governance, increased efficiency, and effectiveness in service delivery, leading to high performance across the board,” he added

In addition to the legislative agenda, the Cabinet Secretary mentioned that the government is actively implementing institutional reforms aimed at enhancing various cooperative production value chains, such as coffee, dairy, and cotton.

READ MORE  Starlink: Why satellite internet is making people jittery in Kenya and how to understand it

Chelugui highlighted the progress made in coffee reforms, citing significant achievements like the Direct Settlement System (DSS), which guarantees farmers receive payment within five days of sale. Additionally, efforts have been made to separate licensing roles to prevent monopolies in the sector.

“The reforms have restricted participant roles at the Nairobi Coffee Exchange (NCE) to reduce collusion and licensed 15 co-operative unions to participate in the NCE trading floor,” he said while acknowledging the efforts of the CEOs as central in driving the co-operative movement forward and contributing to the country’s socio-economic development. He regretted challenges entangling co-operatives and other small and medium-sized enterprises (SMES).

TotalEnergies in Sh14bn loans on high fuel costs
State moves to defuse tiff in cooking oil imports bid
Multinationals lift demand for high-end Nairobi offices
Isuzu market share up to 45pc driven by higher sales
Skyward flies to Kitale after exit of Safarilink
Share This Article
Facebook Email Print
Previous Article Zambian ex-first lady is arrested on fraud accusations
Next Article Kenya 7s tactician Louis Kisia has announced that the team is ready for the HSBC SVNS playoffs in Madrid
about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • US sanctions on Sudan over alleged chemical weapons use take effect
  • President Ruto set to depart for official visits to Spain and UK
  • AK-47 rifle stolen during June 25 protests recovered in Kabete
  • Liverpool Reaches Agreement with Napoli for Victor Osimhen Transfer
  • 🚨 BREAKING: England U21 Crowned European Champions After Thrilling Tournament Run

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?