Barbados Co-operative Business Association Advocates for Recognizing Co-operatives' Economic Contributions

The Barbados Co-operative Business Association Ltd wants co-operatives to be given “the right of place they deserve”.

Speaking yesterday at a press conference to announce International Year Of Co-operatives, Registrar of Co-operatives Brent Gittens, and Algernon Johnson, co-chair of the Barbados International Year of Co-operatives Committee, underscored the significant contributions co-operatives have made to the Barbadian society.

“Throughout the years, we’ve recognised that the traditional type of business entity really does not provide the kind of financial and economic benefits that would normally approve or should approve to individuals participating in those entities. So the co-operative sector provides an excellent alternative to enhance the social and economic well-being of all Barbadians,” Gittens said.

“There is no other entity that we can think of that addresses the Sustainable Development Goals – all 17 of them. Barbados, we have been pursuing these goals and with measured success. If the co-operative movement was involved, we recognise that most of the attributes of these goals would have been achieved because the co-operative sector identifies and works with all of those goals – enhancing opportunities, workplace opportunities, providing support for the poor, providing proper employment. So the co-operative sector provides an excellent opportunity to support economic development of the country.”

He added that there was no reason why the co-operative sector should not be seen as one of the main areas of growth that push Barbados forward economically.

Gittens charged that other co-operatives, which he referred to as “co-operative businesses”, had not been recognised as a major contributor to economic growth.

“We have co-operatives that not only employ people, but they also are involved in the export sector. And we now have co-operatives involved in the renewable energy sector, and then we are also involved in construction. All you gotta do is just look around at some of the construction that is going on and the co-operative sector has been financing most of it. Barbados co-operatives have been also investing heavily in Government paper.

Recognise the role

“It is not well known, but a significant portion of the investment of the co-operatives’ credit unions are really in Government bonds and treasury notes. So the co-operative sector has been there playing a role slightly. What we want to do in this year is to provide the opportunity for all Barbadians to recognise the role that co-operatives have played, and will continue to play, in ensuring Barbados remains in a reasonable economic state so that we all can live a reasonable life. I think we need to grow co-operatives in other sectors.”

Johnson pointed out that the fisheries sector, which was devastated last year when Hurricane Beryl destroyed over 90 per cent of boats, could have benefited from financial assistance if the industry was part of the co-operative movement.