The government has registered 60 new cooperative societies in the blue economy space.
“These co-operatives will aggregate Beach Management Units (BMUs) comprising our youth, fishing folk, and women participating along the value chain. In collaboration with our partner state department for Blue Economy, a total of 445 co-operatives will be registered in the blue economy sub-sector,” said Simon Chelugui, Cabinet Secretary for Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development.
He noted that the blue economy presents untapped potential within oceans, lakes, rivers and coastal areas. “These assets hold tremendous promise for economic development, job creation as well as environmental conservation.”
My Ministry stands at the forefront of harnessing the potential of the blue economy and will collaborate with other relevant state agencies to protect and conserve the delicate ecosystem as we reap the benefits which must go hand in hand to ensure sustainability.”
According to the CS, profitability in the blue economy will be achieved through strategic partnership investments, which means that co-operatives will exploit the marine resources responsibly to ensure that fishing practices are sustainable with minimal pollution and earnest protection of the ecosystem.
Co-operatives will also be expected foster environmental innovation, sustainable aquaculture, offshore renewable energy and marine biotechnology to drive growth in the sub-sector.
Speaking during Bandari Sacco Annual Chamas Conference and MSME Trade Expo themed “driving growth, profitability and sustainability in turbulent macro-economic times” held at the Wild Waters Conference Centre, Nyali, Mombasa, Mr Chelugui said the government is undertaking reforms to foster the growth, profitability and sustainability in the co-operative sector.
These include amendment of the Sacco Societies Act to establish the Central Liquidity and Shared Services Facility to provide for inter-cooperative short-term borrowing, access to the National Payment System and provision of common shared services to the Saccos, Coffee Cherry Advance Revolving Fund and Farm Inputs Subsidy Programme established and operationalized under the New KPCU and digitization and modernization of coffee factories.
Other reforms are prioritization of 16 value chains (maize and other cereals, tea, fish, artisanal mining, coffee, cotton and pyrethrum, livestock, rice, sugarcane, dairy, Saccos, housing and investment, transport, horticulture, diaspora and edible oils) which will form the basis of transforming the economy in line with Government Bottom-up Economic Transformation Agenda (BeTA).
