Warning: Trying to access array offset on value of type bool in /usr/www/users/urnnet/a/story.php on line 43
Busoga Kingdom, Promoters Ask Parliament to Expedite Legislation on the Establishment of Farmer's Bank :: Uganda Radionetwork
Breaking

Busoga Kingdom, Promoters Ask Parliament to Expedite Legislation on the Establishment of Farmer's Bank

Audio 3

Busoga Kingdom officials and loyalists want parliament to prioritize legislation on the establishment of an agriculture and cooperative bank. They believe that such a bank would provide collateral-free, low-cost interest loans, and insurance services to farmers in case of natural disasters or other disruptions. 

Speaking to journalists at the Busoga Kingdom headquarters during a consultative meeting with bank promoters Friday, Edward Munaaba, the Kingdom's General Duties Minister, argued that the reinstatement of such a bank would be the magic bullet towards enhancing farmers' productivity through access to long-term loans. 

Munaaba added that the current options of commercial banks do not favor the challenges faced by farmers, including natural disasters and low market prices. Munaaba further noted that the Busoga sub-region is known for its excellence in commercial agriculture with its grip on traditional cash crops like coffee, cotton, and sugarcane. 

//Cue in: “Olwa’leero tufunye abageni…  

Cue out:….government eya’ wagati,”//   

However, their productivity prospects are hindered by the lack of friendly credit facilities only accessible through a fully functional agriculture bank. Munaaba also stated that the Kingdom's technical working team is studying the objectives of the proposed agriculture bank. 

They plan to mobilize Members of Parliament representing different constituencies in the Busoga sub-region to support legislation on its establishment. Philip Bakalikwila, a renowned farmer in Busoga sub-region, said that farmers require a bank that is ready to evaluate their credit servicing abilities based on climate change and other relevant grounds, rather than the current standard commercial repayment schedules set by operating banks.

Bakalikwila believes that Parliament should legislate for a bank that will enable carbon financing and avert the diverse negative effects of climate change.

//Cue in: “Twe’nda bank eyo…   

Cue out…kidakutuyambaku,”//  

Moses Mugisha, the National Chief Coordinator of the Agriculture and Cooperative Bank, said that their technical team had already petitioned Parliament to legislate on the matter. Mugisha added that they had secured a working capital of 372 Billion Shillings and their team is currently conducting nationwide consultations with different cultural institutions, farmers, cooperative society managers, and members of the academia. 

Their thoughts will formulate the operability measures of the bank after the final legislation.     

//Cue in: “We have petitioned…  

Cue out…that will remain,”//.

Support us