The Pentecost Co-operative Mutual Support and Social Services Limited (PENCO), La Area, has declared 15% dividend.
The Vice-President, Deaconess Barbara Charway Tetteh, announced this as the group celebrated its 10th anniversary at their 7th Annual General Meeting (AGM) held on August 18, 2024, at the Dr. Thomas Wyatt Temple, Accra.
The meeting was held to receive the President’s and Directors’ reports, to adopt financial statements of the Society for 31st December 2023, together with the Auditor’s report, and to authorise transfer to reserve.
Earlier on August 11, 2024, the Society launched its 10th anniversary under the theme:‘A Decade of Empowerment: Safeguarding Today’s Wealth for Tomorrow’s Transformation.’ As part of the anniversary celebrations, the Chairperson of the Planning Committee, Deaconess Dr Cynthia Addoquaye Tagoe, gave a brief history of the Society, and paid a glowing tribute to the founding fathers for the role they played in the establishment of the Society.
She indicated that PENCO-La Area started in August 2013 during the leadership of Apostle Francis Ofori Yeboah (Rtd), but was officially launched on August 17, 2014, during the tenure of Apostle John Appiah Aidoo. The aim of the Society was to provide a means of savings among its members, and to provide loans to improve their social and economic wellbeing. A seed money of GHS 54,775.00 was used in the setting up of the Society, which was later converted into shares.
The Society used the opportunity to recognise the contribution of some members, including long-serving Board Members, Management, Local Representatives and outstanding customers, with cash prizes and citations.
Deaconess Dr Addoquaye Tagoe praised the awardees for their services and dedication to the Society. She encouraged them to continue to support the Society to achieve its vision.
The Society, as part of its corporate social responsibility, donated a modern lectern to Culture Assembly in the Nima-Alaska District in the Area.
On his part, Elder David Amoako of PENCO Apex congratulated PENCO-La Area on its 10th anniversary and encouraged the Society to keep up the good work.
The Greater Accra Regional Director of the Department of Co-operatives, Madam Priscilla Botchway, also congratulated the Society on its 10th anniversary, and commended the Board for organising the AGM to account to members.
In his presentation to shareholders, the President, Elder Prof. Raymond Dziwornu, revealed that from a humble beginning in 2014, where the Society recorded a deficit of GHS 3,000.00 in 2023, the Society was able to record a surplus of over GHS 280,000.00, representing 57.28% growth over the previous year’s surplus, an achievement which they proudly owe to all. He noted that, the Society recorded significant growth in membership, savings, loans and investments.
Elder Prof. Dziwornu expressed his profound gratitude to the La Area Head, Apostle Dr Dieudonne Komla Nuekpe, the leadership of the church, and the pastorate for their prayers, good counsel, guidance and support. He further thanked members of the Board, Management, Staff, the immediate past Fund Manager, Elder Samuel Odame Lartey, District Co-ordinators, and Local Representatives for their relentless efforts to the progress of PENCO – La Area.
Concluding his presentation, Elder Prof. Raymond Dziwornu noted that the measures put in place to run the Society and strict adherence to policies have yielded good results. He assured shareholders that the Board, with the support of Management will double its efforts to make the right decisions and implement strategies to make PENCO-La Area more profitable in the years ahead.
Report by La Area Media Team
