FROM THE COMMISSIONER FOR CO-OPERATIVE DEVELOPMENT
Didacus Ityeng Ag. Commissioner for Co-operative Development
I'm deeply delighted to be associated with National Co- operative Housing Union Limited (NACHU) on the official opening of the ultra-modern NACHU Plaza, which houses its headquarters. I also extend my sincere congratulations to the NACHU board, staff and the entire NACHU membership and affiliates for this great achievement today, which will go a long way in boosting membership and investor confidence. Prudent investment decisions are key to the growth and prosperity of any business entity. Any wrong investment decision may break the organisation with serious consequences to the members. In this regard and taking into account the importance of investment, the State Department has developed investment guidelines for co-operative sector in Kenya. The objective is to help co-operatives to make prudent investment decisions to maximise returns and benefits to members. The investment guidelines are driven by the realisation that co-operatives are involved in multiple ventures and assets that include shares, deposits, savings, housing and real estate, manufacturing, processing, banking, mortgage financing, insurance and handcraft, among others. Diversification into non-performing assets has often stretched the management capacity of many societies, leading to their sub-optimal performance. They have tended to distort the societies assets portfolio, which mirror its overall performance.
I urge NACHU to use its intensive network throughout the country through its housing co-operatives to propagate the use of alternative building technology in Kenya. I also call upon Kenyans from all spheres of life to embrace the co- operative spirit and enhance savings and investments for development. I thank the leadership and the membership of NACHU and all housing co-operatives for working together to realise this project. The success of a co-operative is dependent on the leadership and loyalty of the members to their organisation. The leadership of a co-operative should always be guided by prudent business and commercial practices. Hongera