CS Munya threatens to shut coffee cooperative societies down - Capital Business
Connect with us

Hi, what are you looking for?

COURTESY

Kenya

CS Munya threatens to shut coffee cooperative societies down

NYERI, Kenya, Jan 12- Agriculture Cabinet Secretary Peter Munya has threatened to dissolve management boards of coffee cooperative societies who are a denying farmers their right to borrow from the Sh3 billion coffee advance cherry fund.

Speaking at Karatina stadium during a public participation meeting to sentisize farmers on a new coffee bill, Munya said that it is wrong for board members of socities to deny farmers their right by failing to sign forms presented to them.

“From now on my office will crack the whip and dissolve these boards ,it has come to our notice that the reason why many farmers are not borrowing is due to the fact that society officials are failing to sigh these forms ,this is unacceptable, ” said Munya.

He said that so far a huge portion of the fund set aside to revive the sector is lying idle at cooperative bank as many farmers are yet to borrow loans which only attract an interest rate of 3 percent.

He said that board members have also come up with a scheme where they lie to farmers that if they go for the loans from the fund they will have given their milling right to New kenya planters cooperative union .

“I want to tell coffee farmers that propaganda going around in their socities that by borrowing from fund that takes them back to new KPCU is untrue ,no one is forcing farmers to mill their coffee so they at liberty to choose miller of their choice even after borrowing ” said Munya.

He said that society officials are driven by kickbacks from banks and saccos and that is why they do not want farmers to benefit from the government sponsored fund.

“As a ministry we cannot sit back and watch farmers to incur huge debt as result of high interest borrowing so we have to act ” Munya said in conclusion.

Advertisement

More on Capital Business

Aviation

NAIROBI, Kenya, May 23 – Kenya Airways (KQ) network is gradually returning to normal after the unscheduled grounding of two of its 787 Dreamliners,...

Banks

NAIROBI, Kenya, May 23 – I&M Group profit after tax grew by 33.3 percent to Sh3.6 billion in the three months to March this...

Kenya

NAIROBI, Kenya, MAy 23 – Japanese pain manufacturer Kansai Coatings Kenya has entered into Members’ Voluntary Liquidation, a less costly process of terminating a...

Africa

KIGALI, May 23 (Xinhua) — The International Monetary Fund (IMF) on Wednesday announced the approval of 164.6 million U.S. dollars in funding for Rwanda...

World

MAY 23 – I have never before heard of pegging an election launch to a set of economic statistics, but Prime Minister Rishi Sunak...

Kenya

NAIROBI, Kenya, May 23 – Huawei Kenya plans to recruit 30 Kenyan university students through job and internship offers under its graduate trainee program....

Energy

NAIROBI, Kenya, May 23 – Energy and Petroleum Cabinet Secretary Davis Chirchir and the European Commissioner for Energy Kadri Simson launched the Kenya Green...

Kenya

NAIROBI, Kenya, May 23 – Kenya Power is calling for a total ban on copper exports to curb rampant vandalism of power infrastructure. The...