Nassau, The Bahamas - Cooperatives and Credit Unions could soon be subject to new legislation and the Department of Cooperative Development (DCD) will surrender its duties to the Central Bank of The Bahamas. The move will allow the Producer Service Cooperatives to grow a solid foundation from its current position of only one percent.

Agriculture, Marine Resources and Local Government Minister, The Hon. V. Alfred Gray spoke about the vision Sir Lynden Pindling articulated 30 years which is to codify or legalize what he perceives to be what the country has today in the form of cooperative funding. "Cooperatives, without giving any definition to it are an important sector of our country's economic development. The genesis of cooperatives and credit unions, of course, was to ensure that the average man on the street had access to funding...