The Ghana Co-operative Pharmacists’ Credit Union Limited (GCPCUL) has held its 36th annual general meeting in Accra on the theme ‘Deliberate Wealth Creation to Guarantee Financial Security’.
At the meeting, shareholders approved the accounts and the appropriation of profits for 2022.
For the year under review, GCPCUL recorded 27.39 percent income growth of GH¢2,686,121.30 compared to GH¢2,108,574.07 in 2021. It also posted 12.17 percent in total assets, representing GH¢17,152,116.29 compared to GH¢15,291,468.59 in the previous years.
It posted a net surplus of GH¢475.857.41, a marked improvement over the previous year’s surplus of GH¢159,063.32.
The GCPCUL also achieved gains over the past year in some key areas, such as the increase in members’ deposits, growth in membership and loans granted, which it noted attributed to the general economic recovery witnessed. Meanwhile, the savings culture of members has seen a great improvement over the period, with an increase of 10 percent.
The credit union continues to attract new members and witness steady growth as it experienced a 14 percent increase in membership compared to last year, with the total number of members now standing at 3,215.
This significant increase, according to the President of the Board of Directors (BoD), Richard. O Acheampong, can be attributed to the collective efforts, effective cost management, and the dedication of members and staff.
“It is a testament to our commitment to the principles of sound financial practices. The Ghana Cooperative Pharmacists Credit Union Limited has achieved remarkable progress and growth over the past year. Our unwavering commitment to excellence, prudent financial management, and unwavering focus on our members’ needs have paved the way for our continued success.
“Our total income was the highest in terms of percentage growth as it went up to almost 30 percent. Even though our expenditure also went up by 13 percent, it shows that the BoD employed cost-saving measures and cut down on expenses,” he said.
To stay at the forefront of the ever-evolving financial landscape, the GCPCUL has embraced technology and innovation.
“We have upgraded our operations to flexibank, our online banking platform, making our service delivery and member experience more user-friendly and accessible. By providing convenient digital services, we have made banking transactions seamless and efficient for our members. We recognise that technology plays a vital role in shaping the future of financial services, and we remain committed to staying ahead of the curve,” the president said.
Going forward, he said his outfit will employ pragmatic measures to help double the shares of members in the credit union, saying it will boost related businesses’ growth.
Speaking on the theme ‘Deliberate Wealth Creation to Guarantee Financial Security’, the Chief Executive Officer of Dalex Finance, Kenneth Kwamina Thompson, who was the guest speaker at the event, urged the members and stakeholders to inculcate the habit of savings while being circumspect of their financial decisions.
As the world evolves with innovations, he underlined the need for individuals to invest in personal development and acquire new skills. He added that given the current economic turbulence, it is also essential to think outside the box and identify innovative ways to spur development.
“Pay attention to your value chain because people always pay for value. Also, keep hope alive and be solution-oriented,” he added.
The BoD is optimistic about progress, saying: “We have taken a strategic decision in our operations by creating the business development and telesales units; and we are optimistic that with these decisions, there will be a massive improvement in the fortunes of the GCPCUL”.
