Co-Operative movement critical to Barbados economic growth

BRIDGETOWN, Barbados – The co-operative sector continues to be a major contributor to the island’s economic growth, says chair of the International Year of Co-operatives (IYC) 2025 Committee, Oriel Doyle, as he addressed a press conference to discuss plans for the year.

Doyle told the media that over 180,000 Barbadians were involved in the movement and encouraged those who were not members to do so. He expressed the view that the sector has not been given the “pride of place it deserves”, especially when one considers its contribution over the years, particularly during hard times.

“When financial institutions found it quite challenging to provide financial support to Barbadians, the credit union sector emerged, especially in the 80s and 90s, and created an element of satisfaction among Barbadians in that their financial needs were met….

“So, the co-operative sector has been there, playing a role silently, and what we want to do during this year is to provide the opportunity for Barbadians to recognise the role that co-operatives have played and will continue to play in ensuring that Barbados remains in a reasonable economic state, so that we all can live a reasonable life,” he stated.

Doyle pointed out that the co-operative sector in Barbados was extremely important to the daily lives of over 90 per cent of its citizens. He shared that there were 24 credit unions and 26 active co-operative businesses, and added that collectively, they made a significant contribution to the development of this country.

According to him, the sector employs an estimated 3,000 individuals, provides billions in loans to Barbadians, and invests millions of dollars in government paper and direct funding.

“Most important, however, is the democratic and transparent nature of co-operatives and their activities, which we have brought to bear on the financial and services landscape on the island,” Doyle said.

About the IYC 2025, he noted that local officials had already begun to set up the national committee. He disclosed that two representatives from each co-operative organisation in Barbados are being invited to complete the structure of the committee.

Doyle pointed out that it would be charged with the responsibility of planning and executing a number of activities to commemorate the celebration. The chair indicated that a National Co-operative Symposium would be held on Wednesday, March 5. (CNG)