Chief Cabinet Minister Musalia Mudavadi has urged Kenyans to embrace a savings culture to increase wealth and sustain economic development.
Together with Simon Chelugui, the CS for Cooperatives and Micro, Small, and Medium Enterprises (MSME) Development, they asserted that the amount of savings amassed by people, businesses, and governments is essential for attaining sustained national economic growth.
Regardless of socioeconomic standing, Kenyans should be encouraged to adopt a long-term savings culture to support investments that would boost economic growth and productivity.
Mudavadi used Denmark, which has a very strong cooperative movement, as an example of how cooperatives have such tremendous strength and how many economies, even in industrialised nations, are built on their roots.
Additionally, he reiterated the call by President William Ruto for Kenyans to focus on agriculture to address food insecurity issues and reduce the high cost of living.
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On his part, CS Chelugui underscored the importance of shifting from social protection to social security, saying this will enable members to safeguard their future.
He congratulated the Tower Sacco administration for achieving extraordinary development since its founding, making it one of the few and best-performing Saccos in the nation.
Tower Sacco has a capital asset base of 20 billion kes, a loan book of Kes16.4 billion, and additional deposits worth Kes15 billion, which the CS hailed as a significant accomplishment.
Leaders from Nyandarua County urged the government to step in and save Ol-Kalou, which is in danger of failing because unpaid loans still need to be repaid.
Senator John Methu and Women’s Rep. Faith Gitau said the Ol-Kalou dairy plays an integral role in supporting hundreds of farmers who have invested in the dairy cooperative but are now looking forward to its closure or being auctioned to offset the loans.
