AFIA NYARKO ASARE
The Ghana Co-operatives Pharmacists’ Credit Union (GCPCUL) has held its 33rd AGM at the Ghana Academy of Arts and Sciences (GAAS) in Accra, under the theme; “Gateway to financial Independence”.
It commenced with an opening prayer by Rev. Alex Atta Ansah whiles Madam Evelyn Biriwa Offei led the singing of the Credit Union song.
The AGM brought together stakeholders in the financial sector, Registrar of the Pharmacy Council Ghana, pharmacists, Ghana Standard Authority, leadership of the credit union movement in the Greater Accra Region, the Department of Co-operatives, Board members as well as scores of members of GCPCUL.
The drive for the AGM was to review the Union’s audited accounts for the year ending 2019, presentation of its 2019/2020 annual budget and also set a platform for the adoption of resolution for payment of dividends to its members.
Pharm Dr. Peggy Appiah was the master of Ceremonies she introduced the Chairman, other dignitaries and also called for fraternal messages from other Credit Unions present at the AGM.
In his welcome address then President of the Board of Directors, Mr. Richard Acheampong explained that the theme was deemed appropriate to clear doubts created in the minds of members with regards to the safety of their funds and assure of better years in their financial lives as members.
He also guaranteed the Union’s dedication and selfless ambitions to create a vibrant financial institution for its members.
Presenting the Annual Report and Financial Statements for the year ended 30th June, 2019, the Board Chairman reviewed the performance, dividends and budget for that financial year.
He also noted that the Union survived the chaos in the Ghanaian financial sector due to the good corporate governance adopted by its management.
The financial statement also gave details of operations which included interest earnings, total financial income, and total cost of funds, gross financial margin and finally the total operational expenses.
The General Manager of the Ghana Co-operative Credit Unions Association (CUA), Mr. Emmanuel Coffie was the Special Guest of Honor, he assured the union of the unflinching support of the Association. He also called on members to have confidence in their union in spite of the chaos in the Ghanaian financial sector.
The Chairperson of the Loans Committee, Mrs. Philippine Sam-Nyarko presented her Committee’s report. She revealed that the total number of loan applications received in 2018 was 287 against 377 loan application in 2019. An increase of about 23.9%
However, three million one hundred and thirteen thousand five hundred and thirty Ghana Cedis (GHS3, 113,580) represented total amount of loans granted to members against three million six hundred and seven thousand five hundred and thirty one Ghana Cedis (GHS3,607, 531) indicating about 13.6% increase in loans granted.
Furthermore, the Secretary of the Supervisory Committee, Mr. William Adjabui unfilled the Supervisory Committee’s report for the financial year under review. He revealed that membership of the union grew by 13.36%.
“This is an improvement on over the 9% growth recorded last year. A total of 41 accounts were closed this year compared to 74 closed accounts last year. Although this is encouraging, the fact remains that a total of 115 accounts were closed over the past two years. Also members Savings grew by 19.29%, expenditure dropped causing a significant increase of 280.44% in net surplus compared to 2018.
Madam Evelyn Ofei, Secretary to the Board of Directors presented the minutes for the 32nd AGM and the Audited Accounts was presented by Mr. Frank Owiredu.
The Managing Consultant for CDC Consult Limited, Mr. Ernest Senyo Dzandu was the Guest Speaker.He commended GCPCUL for its good management. He however encouraged members to save regularly and called on members to practice good personal financial management.
The President of the Board of Directors, Mr. Acheampong led the discussion of the Auditors report including the adoption of resolution for payment of Dividend and sampling of the views of shareholding members on the resolution for payment.
Outstanding members were presented with awards after which the President gave his closing remarks.