AGRICULTURE | BANK | MAGUFURI

ACHOLI - Cultural chiefs in Acholi sub-region in northern Uganda on Thursday welcomed the idea of starting an agriculture bank in Uganda.

(Rtd) Lt Moses Mugisha Magufuri is the brain behind the Agriculture and Co-operate Bank.

He has been consulting with cultural leaders in Bunyoro, Mbarara, and now in Acholi.

Mugisha, who is the national chief coordinator of the proposed bank, said that farmers and cooperators would own the bank by buying shares to strengthen it.

Ambrose Olaa, the prime minister of Acholi Cultural Institution, welcomed the idea of such a bank, saying it has been long overdue.

Collins Atiku, the chief of Patiko clan, backed the initiative and said that many banks do not give enough time to borrowers to repay loans.

Oola Ojigi, the chairperson for the Acholi chiefs, said that the Agriculture and Co-operative Bank would bail out many Acholi from the claws of poverty.

David Onen Acana II, the Acholi paramount chief, was in agreement with his fellow culture leaders on the significance of this bank.

Mugisha has been pushing for this bank. At the beginning of this March, he petitioned Parliament, seeking their political backing for the establishment of Agriculture and Co-operative Bank.

He also urged President Yoweri Museveni to support his plan.

To keep the day-to-day businesses running in the Agriculture and Co-operative Bank, Mugisha claimed they have reserved sh370b collected from different investors within Uganda.

Uganda has not had a co-operative bank since 1999 when the one before it that had existed since the 1960s was closed.

For decades now, many farmers say they have not benefited in the context of agricultural financing and security.