National Co-operative Week kicks off

Jun 26, 2017 News

Activities to celebrate National Cooperative Week 2017 kicked off yesterday with an interfaith service and symbolic hoisting of the Co-operative flag at the Ministry of Social Protection.
The Ministry of Social Protection Department of Co-operatives in collaboration with the Guyana National Co-operative Union (GNCU) has planned a series of events to celebrate National Co-operative Week 2017–being held under the theme “Co-ops: A new Horizon, unleashing our potentials.”
Events will run every day and conclude on Saturday with an international co-operative day rally and exhibition to be held at the National Cultural Centre.
Prime Minister Moses Nagamootoo will present the feature address.
The Interim Management Committee of the GNCU was established earlier this year. The Chairman of the Committee is Permanent Secretary Deryck Cummings.
The mandate of the committee is to prepare a new structure for the GNCU that would aid in the resuscitation of the co-operative movement in Guyana; embark on a membership campaign with the view of resuscitating all regional unions for the GNCU; advance the promotion of new co-operative societies of all types and the resuscitation of existing ones that can be viable.
Other mandates are to prepare a three-year strategic plan for the overall development of the GNCU; work together with the Department of Co-operatives to ensure all Committee of Management members receive training in co-operatives and the Anti-Money Laundering Act 2009; to organize the production of stationery to supply all co-operative societies; financial position of the Union through auditing and engage in all other activities that would aid in the achievement of this mandate.
Some of the successful Co-operatives in Guyana include the Hopetown Multi-Purpose Co-op Society, the Guyana Defence Force Co-operative Credit Union, the Guyana Police Force Credit Union, some Cane Farmers’ Co-operative Society, and the Guyana Public Service Credit Union, to name a few.
$24M was allocated in the 2017 National Budget to be invested in the Guyana National Cooperative Union Limited.
Last year, Minister within the Ministry of Social Protection, Keith Scott conducted an examination of the functional status of co-operative societies. That analysis revealed that of 1268 societies registered just about eight percent were functioning in an accountable manner.
The Minister said he discovered that some of the issues that plagued co-operatives were the lack of accountability and transparency.

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