Kampala, Uganda | THE INDEPENDENT | Cooperatives in Uganda are in need of a new law to protect and make them more efficient, according to Ivan Asiimwe, the secretary general of Uganda Cooperative Alliance.
Asiimwe, who was speaking during the UCA’s 50th Annual General Meeting held at Grand Imperial Hotel on Sep 22, noted that the available laws enacted in 1991 are too old and do not fit in the current financial laws.
“For example section 73 of the cooperative act of 1991 talks about settling loans, disputes through arbitration before going to court which has led many cooperatives to lose money in bad loans because the process of recovering the money is long and unfavourable,” he said.
“That is why we are appealing to the concerned parties to revise the available laws and make new ones that will enable cooperatives perform better.”
He also asked government to give priority to cooperatives especially when awarding contracts. Currently, Uganda has more than 18,000 cooperatives countrywide