The President of Pentecost Co-operative Mutual Support and Social Services Society Limited (PENCO) of the La Area of The Church of Pentecost, Elder Prof. Raymond Dziwornu, has said that the Society continues to play a significant role in providing affordable financial products to improve the lives of its customers, after declaring a dividend of 10% on shareholders’ share value.
Elder Prof. Dziwornu revealed that the Society made a surplus of GHS 179,642.18 for the year 2022 and had a total asset of GHS 5,367,655.87 with a total membership of 5,102 as of December 31, 2022, representing about 7.23% increase over 2021 membership. He said the Society projects to increase its total assets to GHS6,000,000 and increase customer deposits by 15%.
Elder Prof. Dziwornu disclosed this at the Sixth Annual General Meeting (AGM) of PENCO-La Area held on Sunday, July 16, July 16, 2023, at Dr Thomas Wyatt Temple.
As part of the AGM, the Society launched an innovative product for children dubbed “Kiddie Savings Account.” Elder Prof. Dziwornu hinted that the new product is a medium to encourage children to save and instil savings habits in them, saying, “Children have the potential to save.”
The President indicated that the account is available to children between the ages of one and eighteen. However, parents will hold the account in trust for their children until they turn 18. He urged parents to take advantage of the new initiative and open accounts for their children to help build their children’s savings habits.
Elder Prof. Dziwornu announced that PENCO-La Area will be celebrating its 10th anniversary in 2024, and various activities have been earmarked for the celebration.
The meeting was also used to confirm the appointment of two board members to the offices of Vice President and Secretary, respectively. Her Ladyship Deaconess Barbara Tetteh Charway assumed the office of Vice President, while Elder Eric Padi Nyabey took the office of Secretary to the Board.
The Directors’ report, which Deaconess Dr Cynthia Addoquaye Tagoe read, indicated that “the Society, against all odds, made some substantial financial gains on which premises the board of directors propose to declare a dividend of 10% on shareholders’ share value. In all, a total of GHS 44,847.40 is to be paid as dividend to shareholders.”
Elder Martin Obodai Atter officially declared the 10% dividend and was approved by members.
In a fraternal statement, the La Area Head, Apostle Dr Dieudonne Komla Nuekpe, encouraged the Society to keep up the good works for a better tomorrow.
Awards were presented to some hardworking customers and the best-performing Local Assembly.
In his closing remarks, the President expressed the Board’s appreciation to the management, Loans and Supervisory Committee Members, Local Representatives and all shareholders and customers for their immense support for the Society’s activities.
In attendance were officials from the Department of Co-operatives, La Dade-Kotopon Municipal Assembly (LaDMA) and PENCO APEX.
Report by Gina Akua Padi.