“Let us take construction as an example, you need a financial manager, marketing expert, engineers, and architectures, amongst others, to come together and form a co-operative society,” he points out.

He further says poverty eradication programmes are also as good as co- operative societies, adding that economic empowerment programmes could fund societies with up to P500 000, which shows government’s commitment to co-operative societies.

In 2012, the minister says government reviewed the co-operatives policy to allow more businesses to go into co- operative societies.

According to the commissioner of co-operatives in the Ministry of Trade and Industry, Motse Otlhabanye, co-operatives are recognised globally as vehicles for social, economic, environmental and cultural empowerment directly benefiting one billion members.

He says data from India and Africa indicates that consumer needs of 67 per cent of rural households in India are supplied by co-operatives.

Otlhabanye says the data also indicates that the 300 largest co-operatives had a combined annual turnover of USD 2 trillion (about P20 trillion) in 2010 and that in Africa, 40 percent of households belong to a co-operative.

He says the number of co-operative societies had since increased significantly in the country from 19 at independence to 224 to date, with a total membership of 112 405 as of October 2015.

“This is made up of 169 trading primary co-operatives (non-financial),51savingsand credit co-operatives (SACCOSs) (financial) and four secondary societies,” he says.

The commissioner says the co-operative model is still relevant in today’s economy as they empower shareholders by meeting their economic, social and cultural needs. Also, he says the profits are distributed among the membership on an annual basis when the co-operative society realised profits at the end of each financial year.

He also emphasises that co-operatives creates employment to the citizens of Botswana, adding that members in turn gains business acumen through the co-operative philosophy.

The fact that members believes in saving their money, he says boosts the economy and that, women and youth businesses in particular could operate through the co- operative model.

On the impact of co- operatives in the country’s economy, Otlhabanye says generally, the movement had provided employment to 559 people; 357 of the number being women.

As of August 31, 2015, he says non-financial co- operatives or trading co- operatives had a turnover of over P128million, incurring a net loss of P598 232, which was mostly contributed by ineffective marketing and competitive strategies to stand the prevailing modern business environment.

On the other hand, Otlhabanye says SACCOSs) had a turnover of over P72million with a net profit of over P20million.

Furthermore, he notes that financial co-operatives had disbursed loans to members amounting to over P364million against total savings of over P266million at the end of June 2015.

“SACCOSs had overall investment portfolio of over P171million out of which 38million is invested in property for 11 SACCOSs.”

However there are challenges facing co- operative movements ,which include low levels of education in both board of directors and the general staff.

He also cites poor management of books as well as lack of information communication and technology as some of the challenges the movements are faced with.