11 Oct 2023

The Cooperative Business Model is ideal for driving inclusive economic growth, and government intended to support the model, among others, when it established the Ministry of Entrepreneurship, President Dr Mokgweetsi Masisi said Tuesday. 

He was addressing the 23rd Savings and Credit Cooperative Associations (SACCA) Congress in Tlokweng. 

Cooperatives, he said, encouraged inclusive economic growth, social development and empowered individuals and communities.

Therefore, he said, ensuring a synergistic relationship between cooperatives and other businesses would ensure further and greater stability for nations. 

“The Government of Botswana believes that the economic empowerment of our people through purposeful linkages between cooperatives and other enterprises is critical to a stable nation, hence our national Reset Agenda, which led to the newly established Ministry of Entrepreneurship,” he said. 

In that regard, he said the SACCA congress was a commendable platform to support and promote the linkages as it gathered financial co-operatives’ leaders from across Africa to share insights into how the cooperatives sector could transform and empower communities. 

“This is in line with Botswana’s National Vision 2036 pillars of Sustainable Economic Development as well as Human and Social Development,” he said. 

He added that the congress was important in highlighting and enunciating the Cooperative Business Model as the most suitable for empowerment of communities. 

President Masisi said by strengthening and supporting Micro, Small, and Medium Enterprises, the government intended to facilitate building of enduring business models, among them cooperatives, to create employment opportunities and empower the people. To that end, it had implemented various initiatives to support cooperatives, he said. 

These included provision of specialised training programmes, facilitation of access to finance and fostering policy reforms to create an environment conducive for cooperatives’ growth.

Government, he said, was committed to deepening collaboration with strategic partners like African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) to accelerate financial inclusion for local communities through Botswana Savings and Credit Co-operatives Association (BOSCCA). 

Dr Masisi commended ACCOSCA for championing regional development, which he said was pivotal in harnessing the collective expertise and experiences of global cooperatives’ leaders towards tackling of common challenges, as well as bringing about social cohesion. 

“Focusing on joint development can spur sustainable economic growth, improve livelihoods, and promote social cohesion in our nations,” he said. 

Minister of Entrepreneurship, Mr Karabo Gare, speaking at the same event, said government had embraced the cooperative business model as one of the initiatives to achieve high income status by 2036. 

“To that end I am proud to inform you that we are establishing the International Cooperative Alliance Africa Southern Sub-Regional office in Botswana,” he said, adding the establishment of the office would ensure that the cooperative movement in Southern Africa enjoyed close access to the sub-regional offices for support in capacity building, research and development, as well as data accessibility for the region. 

“I urge all member countries and apex bodies to support this office to ensure that it achieves the envisaged results,” he said. 

ACCOSCA executive director, Mr George Ombado said the SACCOS business model was instrumental in financial inclusion at all levels and was committed to building robust financial inclusivity across Africa. 

He said ACCOSCA was pivotal to closing financial inclusion gaps that affected all people, with the SACCA business model being key to sustainable economic development and best in promoting financial inclusivity at grass roots. 

About 700 participants from 168 SACCOS bodies from across the globe comprising representatives from the African Union Commission and three economic regional blocs, namely; the Southern African Development Community, East African Community and Economic Community of West African States , attended the conference. Ends