15 June 2018

Botswana: Cooperatives Do Well - Official

Tutume — Ministry of Investment, Trade and Industry chief co-operative auditor, Mr Goloswang Ramogala says about 62 per cent of co-operatives across the country are doing well.

Briefing Tutume Sub-district council leadership recently, Mr Ramogala said most of the successful co-operatives were financial ones which to date had almost P171 million cash investment.

Giving a background on co-operatives, he highlighted that when they started some years back, the aim was to bring individuals together with a common goal of working as unit for them to economically empower one another.

He pointed out that the entities were not government owned, but for individuals who contributed capital and investments to make financial returns.

However, he noted that government assisted in monitoring and giving advise on best practices.

Furthermore, he said of the successful ones, they had created employment for 138 people and that their cash investment spread across diverse companies and as such making those entities profitable.

In addition, Mr Ramogala stated that non-financial co-operatives were also doing well, noting as at April, they had P22 million cash deposit while P3 million was money borrowed by the members and P38 million being their cash investment.

He noted that their records indicated that co-operatives if managed well and members understood the purpose of having a co-operative, they had the potential of growing even further, and it was a great opportunity which Batswana should make use of to make wealth out of it.

In addition, Mr Ramogala said within their new strategy they encouraged co-operatives to rebrand as it would give them a new phase which would add to their relevancy.

He noted that the department had challenges, citing among other things poor governance and booking keeping, inconsistent recording keeping of cash flow and stock expenditure as well as lack of members commitment.

Source : BOPA

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