Minister of Small and Medium Enterprises Development, Elias Mubanga, has emphasized that cooperatives play a vital role in fostering national development.
Speaking during a media briefing on the promotion of the cooperative movement in the country, Mr. Mubanga said all cooperatives applying for artisanal mining licenses will be required to undergo vetting and certification by the Ministry of Small and Medium Enterprises Development (MSSMED).
He explained that under Statutory Instrument (SI) No. 25 of 2024, all cooperatives are legally mandated to submit annual returns in line with the Cooperatives Act. The same law bars non-compliant cooperatives from accessing funding from MSSMED.
Mr. Mubanga urged all cooperatives to work closely with district cooperative officers, adding that MSSMED and the Ministry of Mines are collaborating to resolve challenges surrounding the timely issuance of artisanal mining licenses.
He expressed concern over the low submission rate of annual returns, noting that the deadline is clearly indicated on the ZamPortal and that returns are expected three months before the close of each calendar year.
Mr. Mubanga revealed that failure to comply with annual return submissions results in a loss of approximately K18 million every year.
He disclosed that out of 139,000 registered cooperatives in Zambia, only about 10,000 are compliant with annual returns. He further stressed that MSSMED will intensify follow-ups and deregister cooperatives that continue to default.