JFK Explains Humble Beginning
The Legal Aid Board and the office of the Attorney General and Minister of Justice have successfully unified trader groups in the Western Area.
In a recent meeting held at Ministry of Justice conference room, which was geared towards the formation of an umbrella trader executive and trader cooperative bank, the Executive Director of Legal Aid Board,, Mrs. Claire carton- Hanciles, explained that with a cooperative bank, traders would distance themselves from police cells or prisons because they will no longer borrow from commercial banks or micro credit institutions that usually take court action against defaulters.
Alimamy Kamara, who is president of one of the trader groups – Tawopaneh Corporative Union – explained the concept, history and methods of a cooperative.
According to him, a cooperative is the coming together of people to put finances together to help one another grow financially in business.
Alimamy Kamara disclosed that his cooperative started with Le3 million but current stands at Le1.4 billion.
Addressing the traders, the Attorney General and Minister of Justices, Mr. Joseph Fitzgerald Kamara, recounted his humble beginning as ‘soda soap’ and ‘palm oil’ boy, noting that as someone who has an experience in business, he is aware of the problems of traders.
The Registrar of Cooperative, Micheal Lavaly, emphasized that no man is an island as everybody needs someone just live husband needs a wife, noting that no one will be able to provide all basic amenities for himself/herself except with the help of others.
He also stressed the need for traders in Sierra Leone to form a cooperative as an entity to support the economic standing of the indigenous traders.
Michael Lavaly explained that forming a cooperative bank on their own with minimal interest rate will help protect traders from economic prowlers.
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