The Government is moving towards the implementation of a merged structure between the Agricultural Credit Board and the Department of Co-operatives and Friendly Societies.
This was announced by Minister of State for Industry, Investment and Commerce, Hon. Sharon Ffolkes-Abrahams on July 18, during her contribution to the 2012/13 Sectoral Debate in the House of Representatives.
She noted that the move will result in a more effective regulatory framework for all co-operatives, friendly societies, and industrial and provident societies operating in Jamaica.
“This move has its genesis in a decision taken in October 2008 to dissolve the Agricultural Credit Board and transfer all its regulatory functions to the Registrar of Co-operative Societies. A reclassification exercise, aimed at arriving at a merged structure between both organizations, is now well advanced,” she said.
She noted that 2012 has been declared as the International Year of Cooperatives by the United Nations, adding that one of the goals of the UN in making the declaration was to increase awareness about co-operatives and their contribution to socio-economic development.
To mark the occasion, the Department of Co-operatives and Friendly Societies hosted a two-day symposium and exhibition for volunteers and staff of the co-operative and friendly societies movement in Ocho Rios from July 18 to 19.
By Chris Patterson, JIS Reporter