Turkana Deputy Governor Dr. John Erus has called on Micro, Small and Medium Enterprises (MSMEs) across the county to embrace the cooperative model as a strategy to access affordable financing, grow businesses and unlock the region’s economic potential.
Speaking during a one-day MSME sensitization forum in Lodwar, Dr Erus said cooperative societies and Savings and Credit Cooperative Organisations (SACCOs) provide sustainable avenues for entrepreneurs to mobilize savings and access low-cost loans for business expansion.
The forum was organized by the Institute of Certified Public Accountants of Kenya (ICPAK) in partnership with the Turkana chapter of the Kenya National Chamber of Commerce and Industry (KNCCI).
According to the Deputy Governor, recent county research has identified high-potential value chains capable of driving economic growth, but inadequate access to affordable capital remains one of the biggest obstacles facing local businesses.
“We have finalized research that identified key value chains open to MSMEs for the growth of Turkana. However, in order to unlock capital, MSMEs should consider forming cooperatives where members make direct contributions as savings and use the same cash to access loans at more competitive rates,” Dr. Erus said.
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He expressed optimism that Turkana could increase its annual market capitalization to as much as KSh100 billion over the coming years if entrepreneurs embraced a stronger savings culture through cooperative societies.
Dr. Erus also urged beneficiaries of county economic empowerment funds who are yet to repay their loans to honor their obligations, saying the repayments would enable more entrepreneurs to benefit from the revolving funds.
He commended ICPAK for organizing the forum, noting that financial literacy and business capacity building are essential for strengthening the country’s private sector.
ICPAK National VIce Chair FCPA Bernard Amukah said the engagement aimed to improve entrepreneurs’ understanding of public finance and its impact on businesses that supply goods and services to government institutions.
“In most cases, when businessmen and women hear public finance, they only think about government revenue and expenditure. They forget that they also trade with the government as suppliers or contractors. This calls for awareness of how public finance works,” Amukah said.
He further educated participants on the legal framework governing pending bills in Kenya and encouraged regular engagement between the business community and county governments on procurement processes and payment mechanisms.
Speaking on behalf of the Kenya National Chamber of Commerce and Industry (KNCCI), Vice Chair Edward Okumu proposed regular engagement forums between the county government and the business community to strengthen collaboration and address emerging challenges affecting enterprises.
“Our hope is to have a calendar of engagements with the county. We even want the Governor to attend and address emerging concerns. Through such meetings, solutions for driving the economic potential of the country would be discussed and implemented,” Okumu said.
The forum was also attended by Turkana County Executive Committee Member for Finance and Economic Planning Roseline Aite, Chief Officer Robert Lotaruk, Director of Public Policy and Research Hillary Onami, ICPAK North Rift Branch Chair CPA Dr. Ben Samoei, CPA Nelson Kore and Turkana County ICPAK Convener Julius Lokopu.
