The President of Pentecost Co-operative Mutual Support and Social Services Ltd. (PENCO–La), Elder Professor Reymond Dziwornu, has revealed that despite the economic difficulties and declining investment returns that characterised 2025, the Society maintained a strong financial position. Through prudent decision-making and disciplined management, PENCO–La remained profitable, operated with minimal risk, and was ranked the third best-performing society in the country.
He made this known during the Society’s 9th Annual General Meeting (AGM), held on Sunday, 17th May 2026, at the Dr Thomas Wyatt Temple in Accra.
The AGM was held to receive the President’s and Directors’ reports, adopt the audited financial statements for the year ended 31st December 2025, approve transfers to reserve, and honour Deaconess Millicent Darko, who served on the Board for twelve (12) years.
In his address, Elder Prof. Dziwornu noted that the Society has made significant progress in implementing its five-year Strategic Plan over the past four years, achieving most of its targets. Total assets increased remarkably from GHS 5.9 million in 2023 to GHS 13.2 million, representing over 100 percent growth.
He disclosed that the Society recorded a total operating income of GHS 1,585,499.76 against an expenditure of GHS 1,171,284.31, resulting in a surplus before tax of GHS 702,891.32 for 2025. This marks an 11.14 percent increase over the 2024 surplus. Membership also grew by 5.01%, rising from 5,584 as at 31st December 2024 to 5,864 by 31st December 2025.
Looking ahead, the Society projects to increase total assets to GHS 15.5 million by the end of 2026. Other strategic priorities include boosting customer deposits by 20% through intensified education and awareness campaigns, strengthening the capacity of Local Representatives and Coordinators through training, and enhancing loan recovery strategies.
Elder Prof Dziwornu expressed profound appreciation to Apostle Dr Dieudonné Komla Nuekpe, the leadership of the Church, and the pastorate for their prayers, guidance, and support. He also commended the Board, Management, staff, and all stakeholders for their dedication to the growth of PENCO–La.
Elder Martin Obodai Atter announced a proposed dividend of 20% for shareholders.
In his concluding remarks, Elder Prof. Dziwornu reaffirmed the Society’s commitment to sustaining its growth despite changing economic and regulatory conditions.
The La Area Head and Executive Council Member of The Church of Pentecost, Apostle Dr Dieudonné Komla Nuekpe, commended the Board and Management for their transparency and consistency in organising AGMs, noting that such accountability is not common among many organisations. He encouraged members to promote the Society to attract more people to join.
Mrs Millicent Darko, who dedicated twelve (12) years of service as treasurer to the Board, was honourably retired.
Report by Gina Akua Padi
