By Juliet ETEFE
The Ghana Cooperative Pharmacists’ Credit Union Limited (GCPCUL) has held its 37th Annual General Meeting (AGM) in Accra, bringing together shareholders to review the Credit’s performance, elect new leaders and strategise for the future.
Performance
For the year (2023) under review, GCPCUL made progress in a few areas; notably an increase in loans made, an increase in membership and an increase in member deposits. All of these taking place in extremely difficult economic times.
Membership grew by 15 percent from the previous period’s tally, translating into an additional 475 new members compared to the previous year.
Total assets grew by 31 percent, from GHȼ17,152,116 in 2022 to GH¢22,483,169 in 2023.
It recorded 33 percent income growth of GH¢3,572,591 compared to GH¢2,686,121 in 2022. The savings culture of members has seen a great improvement over the period under review, with an increase of 15 percent compared to last financial year.
However, net surplus saw a decrease from GH¢475,857 in 2022 to GH¢312,505 in 2023. Commenting on this, outgoing Treasurer Frank Owiredu-Yeboa noted that it was due to provisions made for loan losses – adding that it was a deliberate action aimed to provide a realistic view of the organisation’s financial health.
He noted that shareholders have reacted positively to this transparent approach, saying this growing confidence in the system is a promising sign for the credit union’s future.
Digital innovation
Speaking on the theme ‘Digital innovations for a better tomorrow’, GCPCUL’s outgoing president, Richard. O. Acheampong, underscored the importance of digital innovation, stating: “The credit union fraternity’s future is anchored in digital innovation”.
He stressed the need for new and improved products or services to enhance financial performance, making processes more efficient and solving business problems.
Reflecting on the economic challenges, Mr. Acheampong noted: “Despite widespread disenchantment with traditional banks during the 2018-19 financial crisis, credit unions – including GCPCUL – have remained financially stable and trusted by members”.
He pointed out the union’s resilience and growing membership as proof of its robust financial foundation.
He welcomed new staff and members, reiterating the importance of unity and collective effort in overcoming future challenges and calling for active participation from all members, reinforcing the union’s motto ‘In Our Hands, You Are Safe’ and shared vision of a thriving and happy cooperative family.
Leveraging technology
Guest-peaker, Chief Executive Officer (CEO) of the interoperable platform, Korba, Nelson Korshi Da Seglah highlighted the critical role of pharmacists in healthcare and importance of leveraging technology to improve service delivery.
Emphasising the theme, he underscored how digital platforms can simplify access to financial services and allow pharmacists to focus more on patient care.
He elaborated on how digital solutions can empower credit union members to easily manage their accounts, apply for loans, receive financial advice and invest for the future.
He noted that by integrating these technologies, credit unions can ensure their services are accessible to all members, regardless of their tech-savviness or location; thereby enhancing overall financial inclusion and efficiency.
By so doing, the credit union can create a more efficient, inclusive and forward-thinking financial environment, ensuring a better tomorrow for all its members.
Election
The 37th AGM also saw the election of a new team comprising a Board of Directors, Supervisory Committee and Loans Committee who will lead GCPCUL in its new phase.
Speaking after the new leaders were announced, elected president Dr. Paul Owusu Donkor expressed gratitude for the opportunity and, on behalf of the new executives, assured members of their dedication to fulfilling their responsibilities and delivering on their commitments.
