IRC gives Lt. Magufuri green light to meet M7 over Agricultural Cooperative Bank

By Sadique Bamwita

Rtd.Lt. Moses Magufuri Mugisha has a reason to smile after the Inter-religious Council of Uganda (IRC) got convinced and okayed his proposal to establish an Agricultural and Cooperative Bank in Uganda. The Clergies who listened to Magufuri’s presentation on establishment of an Agricultural and cooperative Bank said when they meet the president, they will invite Magufuri to make his presentation before him on the proposed Agricultural and Cooperative  bank and they will give it a full backing before the president.

Magufuri, who is the National Chief Coordinator for Agricultural and Cooperative Bank, told religious leaders that in order to achieve socio-economic transformation , the government needs to establish an Agricultural Bank to increase agro-processing other than commercial Banks which are profit making.

Magufuri noted that apparently the economy is bad and it can’t stand its own operations arguing that to overcome a bad economy there is need for government to establish an  agricultural and Cooperative Bank which will be driven by the farmers themselves.

‘ The Agricultural and Cooperative Bank will give the youths the opportunity to engage in productive work rather than being persuaded to join subversive activities. In fact, it was a mistake for government to close our local banks. Right now, we need a bank that can understand and address the needs of farmers.

He appealed to the Parliament of Uganda to expeditiously develop a legal framework  which will guide and regulate activities of the said agricultural bank.

Relatedly, on March 1, 2023, Lt. Magufuri petitioned the office of the speaker of parliament Rt. Hon. Anita Annet Among seeking parliament to approve the establishment of  specialized Hybrid of Agricultural and Cooperative Bank following the closure of Uganda Cooperative Bank in 1999 by Bank of Uganda and apparently parliament is yet to make a decision on this matter.

In September 2022, parliament moved a motion for a resolution to establish National Agricultural Bank and apparently cabinet is set to analyse and study the viability of reviving a Cooperative Bank.

Magufuri lashed out at government development programs like Emyoga scheme, Parish development model and youth livelihood programs among others which he asserts have failed to yield fruits and advised government to bring on board Agricultural and Cooperative Bank saying it’s in better position to reach out farmers who are still stuck in subsistence economy.

He further argues that if the Agricultural and Cooperative Bank is approved, it would relieve farmers from being exploited by commercial Banks that are after profit making regardless of the conditions farmers go through such as gestation period.

NB: The Establishment of Agricultural and Cooperative Bank is in line with Cooperative societies Act 2019 as amended.