Business and Finance

Cooperatives, a backbone of economic empowerment and wealth creation- Chakwera

By Susan Hara and Paul MAdise, Malawi News Agency

President Lazarus  Chakwera has said that cooperatives are a cornerstone of economic empowerment and wealth creation in the country.

Chakwera was speaking during the commemoration of the International  Day of Cooperatives at Civo Stadium in Lilongwe on Saturday, a function that brought together Cooperatives and SACCOs from across the country.

He highlighted the crucial role played by the initiative in fulfilling the social and economic needs of the community consequently fostering inclusive growth and advancing sustainable development for the nation.

“We need to transform from a country where only the government and private sector are doing things that impact the economy. We need to become a productive country where every able-bodied Malawian is part of some enterprise and cooperatives are the way to go”, he said.

Chakwera urges all Malawians to join SACCO- pic by Carol Mkandawire

Chakwera said to demonstrate his commitment, he made the growth and promotion of cooperatives a top priority from the first day of his administration.

The Malawi leader asked Malawians to be part of cooperatives for the good of the country, emphasising that being part of cooperatives is good investment, and to set a good example, President Chakwera joined SACCO.

Trade and Industry Minister, Simplex Chithyola Banda said government through his ministry has created a conducive environment for enterprises and cooperatives to thrive and achieve their maximum potential in the country.

He said not only do cooperatives create jobs for themselves, but also the youth in both urban and rural areas.

Chithyola presents a certificate to President Chakwera for joining United Civil Servant SACCO- pic by Carol Mkandawire

“Government is committed to support cooperatives as it recognises that cooperatives contribute to the social economic development of communities both rural and urban,” said Chithyola Banda, who also emphasised on the establishment of cooperative colleges to ensure the development of sustainable cooperative culture in the country.

Speaking earlier, Cooperatives’ representative Denis Kalekeni commended government for the support towards cooperatives development and the recognition of cooperatives as one of the drivers in the Malawi 2063 first 10 year implementation (MIP1) which started in 2021 and will go up to 2030.

The International Day of Cooperatives was founded in 1895 and is commemorated on the first Saturday of July each year.

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