The Goaso Diocesan Catholic Co-operative Society (GODCCOS), Ahafo Kenyasi society, has posted a net profit of GH¢183,989.47 in the 2021 financial year as compared to GH¢16,214.06 it recorded in 2020.
The Chairman of the Board of Directors, Msgr Anthony Boahen Kyereme, who made the disclosure, stated that the co-operative society recorded an increased interest on loans from GH¢108,958.16 in 2020 to GH¢217,927.97 in 2021.
He disclosed this on Saturday at the second annual general meeting held here.
Msgr Kyereme noted that the Board and management of GODCCOS had earlier organised similar meetings successfully for Goaso, Duayaw-Nkwanta, Tepa and Bechem societies.
The Board chairman added that the society registered an increased in daily savings (susu) from GH¢594,881.68 in 2020 to GH¢692,471.84 in 2021, while fixed deposits rose from GH¢225,827.00 to GH¢582,054.77 during the period under review.
He said GODCCOS achieved a significant increase in members shares from GH¢63,250.00 in 2020 to GH¢81,060.00 in 2021 emphasising that loans issued to members expanded from GH¢376,196.64 to GH¢965,490.76 in the same period.
Msgr Kyereme disclosed that the society in its two years of operation in Kenyasi was able to pay 10 per cent of members’ savings as dividends stressing that “this is unprecedented in the history of Ghana.”
The General Manager of GODCCOS, Joseph Kofi Yebuah Adumuah, attributed the numerous achievements chalked to the commitment and hard work of the Board of Directors, management and staff of the cooperative society.
He indicated that his outfit during the period under review, committed to the capacity building of staff, improved its operations and refurbished offices among other key investments.
Mr Adumuah cited the high cost of borrowing, non-repayment of loans acquired by members, and reduced rate of deposits and savings due to the current economic hardship in the country as some of the challenges confronting the institution.
The General Manager noted that GODCCOS in the future would increase its membership and deposits in order to realise higher profit adding that, a new society would be established in December this year.
Mrs Faustina Aholi, the Chief Executive Officer, Lord International School, on behalf of members of the co-operative society, expressed appreciation to GODCCOS for supporting businesses in the area.
FROM EMMANUEL ADU GYAMFI, KENYASI