He noted that the existing Act was primarily designed to regulate agricultural cooperatives and did not adequately provide for the growing diversity of cooperative enterprises, particularly financial cooperatives such as credit unions and other emerging forms of cooperatives.
He added that in recognising these gaps, the revised legislation has been developed to establish a more inclusive and responsive legal framework that reflects the evolving nature of the cooperative sector.
He highlighted: "The upgraded Act aligns with contemporary realities, international cooperative principles and global best practices. It strengthens the legal and regulatory framework by promoting good governance, transparency, accountability, prudent financial management, effective supervision and enhanced member protection. Once enacted, it will provide the Office of the Registrar General of Cooperatives with a stronger legal mandate to regulate, supervise and support all categories of cooperative societies, thereby fostering a more vibrant, sustainable and resilient cooperative movement across The Gambia.
Moreover, the Registrar General expressed delight in highlighting yet another success, the launching of the National Cooperative Policy, marking another significant milestone in the development of the cooperative sector.
According him, the policy provides a clear strategic framework for the growth and transformation of cooperatives across all sectors of the economy, adding that prior to this, regional launchings were done in all the regions in collaboration with offices of the governors.
Furthermore, Mr Sankareh disclosed another development, which entails the establishment of regional cooperative directorates, headed by directors or registrars in the spirit of decentralization and taking development to the doorsteps of people. This will ensure effective and efficient service delivery, eliminating the need to travel from Basse to Bakau for a service.
He further relayed: "The National Cooperative Policy outlines government's vision for building vibrant, inclusive, resilient and commercially viable cooperatives. It promotes good governance, professionalism, gender equality, youth participation, digital transformation, environmental sustainability, financial inclusion and stronger institutional partnerships. More importantly, it clearly defines the respective roles of government, cooperative societies, development partners and the private sector in supporting a modern and competitive cooperative movement.”
He added: "Together, the upgraded Cooperative Societies Act and the National Cooperative Policy will significantly strengthen the regulatory mandate of the Office of the Registrar General of Cooperatives. These two important instruments will guide registration, supervision, inspection, compliance monitoring, dispute resolution, capacity-building, and institutional development across all cooperative societies in The Gambia."
