Develop a saving culture so that we won’t have to borrow abroad- DP Gachagua.
Speaking today, during the 30th anniversary of the Solution SACCO in Meru County, The second in command outlined that the only way Kenya will stop borrowing abroad, is if Kenyans start saving locally.
He highlighted that if Kenyans develop a saving culture, then the government will get out of the borrowing bondage forever because they will be borrowing locally.
He stated,”We want to enhance the saving culture in Kenya so that we borrow money as a country from our own savings. We have been borrowing abroad. We have changed the law to allow you to save substantially.”
For instance, The deputy president defended the government’s decision to increase Kenyans’ monthly deduction of the National Social Security Fund (NSSF) to Ksh.2,060 from Ksh.200, saying the previous saving regime was insubstantial.
The second in command further outlined that The Cooperative Movement has been a catalyst of our country’s economic growth for decades.
He highlighted that the Co-operative Movement continues to play a key role in the revitalisation of our economy; the sub-sector provides direct employment to over 500,000 Kenyans and contributes directly and indirectly up to 10% to our GDP.
He stated,”Even in the midst of myriad challenges, the Movement has remained strong and steady bringing Kenyans together in the sacred duty of building our nation and improving their lives.”
“To keep it stronger, we will work with the lawmakers to amend the Cooperative Societies Act to make it accommodative of the Movement’s modern needs,” he added.