Mission Statement

"To Promote Ownership of competitive and adequately supervised Cooperative Enterprises by ensuring adherence to Law, International Standards and Best Practices."

Vision

"The competent authority for the safety, soundness, growth and expansion of the Cooperative Sector."

Mandate

The Government of The Bahamas recognizing its legal obligation to ensure at all times the safety and soundness of all financial institutions operating in The Bahamas has mandated the Department of Co-operative Development with the authority to enforce the Co-operative Societies Act 2005

Chief components of the Department's mandate are:

1. Promotion of Cooperatives
2. Cooperative Law Enforcement
3. Registration of Cooperative Societies
4. Arbitration
5. Inspection and Supervision of Cooperative Societies
6. Audit
7. Education & Training
8. Research & Development
9. Policy Promotion & Advice
10. Resource Mobilization and Management
11. Liquidation of Cooperative Societies

Overview

The Department of Co-operative Development was established in 1975 following the enactment of the Co-operative Societies Act 1974 and The Regulations.  The 1974 Act was repealed and replaced by the Cooperative Societies Act, 2005.

The Department of Co-operative Development is presently under the portfolio of the Ministry of Agriculture and Marine Resources.

What is a Cooperatives?

A cooperative is a business formed by people with a common need who own and use it.  They organized themselves to provide goods and services which they need. They operate based on the seven core cooperative principles. The member-owners share equally in the control of their cooperative. They meet at regular intervals, hear detailed reports, and elect directors from among themselves.

Cooperatives adhere to internationally accepted principles that guide all other cooperative organizations:

1. Voluntary & Open Membership
2. Democratic Member Control
3. Member Economic Participation
4. Autonomy & Independence
5. Continuous Education & Training
6. Cooperation among Cooperatives
7. Concern for Community

For more information please do not hesitate to contact the Department.