The 24-Hour Economy and Accelerated Export Development Programme Secretariat has initiated moves to develop a new legal framework to modernise Ghana’s cooperative sector and drive structural transformation.
A joint committee has been constituted to draft a Cooperative Legislation Bill for submission to Parliament and subsequent assent by President John Dramani Mahama.
The proposed framework seeks to replace outdated laws and align the sector with current economic and institutional realities.
The development was disclosed at a National Stakeholder Forum on Cooperative Development held in Accra last Thursday, on the theme: ‘Cooperatives as a Pathway to Sustainable and Inclusive Socio-Economic Development in Ghana.’
Opening the forum, the Presidential Advisor to the Secretariat, Augustus Goosie Tanoh, highlighted the importance of cooperatives in revitalising key sectors such as agriculture, manufacturing and small and medium enterprises (SMEs).
He said the Secretariat was collaborating with cooperative associations to mobilise funding and technical support to revive and modernise cooperative systems, improve access to finance and strengthen operational capacity.
Mr Tanoh noted that despite their potential to empower women, youth and small businesses, cooperatives face challenges, including limited access to finance, weak institutional support and an outdated legal framework over 58 years old.
He stressed the need for urgent reforms, stating that access to capital was critical for growth.
He added that the proposed reforms would enhance farmer participation across production, processing and marketing value chains, and enable cooperatives to take ownership of processing infrastructure.
“A more continuous production approach is expected to maximise asset utilisation and support job creation, while circular production models will help convert by-products into additional revenue streams,” he said.
Mr Tanoh further indicated that the reforms would improve access to affordable financing, strengthen technical support and enhance value chain integration.
He said mechanisms such as a Solidarity Fund would help cushion cooperatives against production and market shocks, while structured market systems would improve access and price stability.
The Minister for Fisheries and Aquaculture Development, Emelia Arthur, underscored the role of cooperatives in boosting aquaculture, creating jobs and promoting exports.
The Chief Director at the Ministry of Labour, Jobs and Employment, Hamidu Adakruogu, reaffirmed the government’s commitment to strengthening the regulatory environment and promoting decent work, particularly for the youth.
BY BENARD BENGHAN
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