FORMER MINISTER KABWEGYERE WARNS PUBLIC ON OVER BORROWING

By our reporter
www.mknewslink.com
In Bushenyi—
The former minister for general duties in the office of the Prime Minister Hon. Tarsis Bazana Kabwegyere has called on public to promote income generation for national development and stop over borrowing.
Kabwegyere said that for the development of the national economy, the public needs to prioritize development of projects and income generating activities over accumulating debts.
He said this while officiating as Guest of Honor during the 7th Annual general meeting of Kambuzi farmers saving and credit organization (SACO) that was held at Crane resort hotel-Kaburengye on Tuesday April 16th, 2019.
In her remarks, Edith Musime, the Sacco treasurer said that the Sacco performed well in the last year though the net profit was not good because the sacco has no enough money for its own as its share capital stands at only 321,000,000.
Musime added that they are using members fixed savings and external loans to run the Sacco therefore much money was spent on interests in fixed and external loans.
She decried the problem of members who take loans and fail to pay in time.
The Sacco general manager Mr. Muhwezi Elly cautioned Sacco managers who connive with other Sacco employees to fraudulently steal cooperative money.
Stephen Ahimbisibwe, the chairman board cautioned defaulters and asked them to stop the habit of giving same commodity or a piece land to different Sacos and commercial banks as security.s
With its objectives to transform the peasant and poor community from the traditional savings culture, Kambuzi farmers Sacco offers different products to its members which include loans, fixed deposits, training, and investments.

www.mknewslink.com a greater western Uganda news website
Email: wmuhwezi75@gmail.com
Tel: +256702680106