Accra, Dec. 2, GNA- The Ghana Cooperative Pharmacists' Credit Union Limited, (GCPCUL), has recorded a net surplus of 496,665, 109 cedis, this year, representing 164 per cent increase over the 187,945,000 recorded in 2003.

During the period under review, the Union reduced the interest rates on loans from 30 per cent to 25 per cent and the rate on savings from 18 per cent to 13 per cent.

Mr Yaw Acheampong Boateng, the President of the Union made this known during the 19th Annual General Meting (AGM) of members in Accra on Thursday.

He stressed that the remarkable feat: "Was done to make the Credit Union more competitive and sustainable. By this action, we hope members will patronise the ...Union other than the orthodox financial institutions."

Mr Boateng said the Board of Directors had proposed a Net Surplus of 25 per cent for Statutory Reserve Fund representing 124,166,277.25 cedis, 30 per cent of Dividends to stand as 69,343,214.70 cedis and 16,000,000.00 cedis for Honoraria.

Staff Bonus to be received stood at 11,756,905.00 cedis while Operating Reserve Fund goes for 275,398,712.05 cedis.

Mr Boateng said due to the massive improvement in the profit levels, the Board of Directors had proposed for the adoption of the AGM, 30 per cent dividend rate, which represents 3000 cedis earnings per share to be paid to members for the period under review. Mr Dominic Bawuley, Zonal Manager of the Ghana Cooperative Credit

Unions Association (CUA) Limited, described as commendable the ability of the various Unions to increase their deposits from 3.8 billion cedis in 2003 to 4.8 billion cedis in 2004. He said deposits of 294.7 billion cedis and outstanding loans of 206.5 billion cedis formed the Total Aggregate Savings Deposits of CUA . He expressed dissatisfaction that it was not easy for people to borrow from the banks due to the high interest rates of between 36 per cent and 45 per cent. Mr Bawuley noted that the mobilisation of funds for loans through the savings of the Unions was a credit to all members. He said the share capital of 200,000 cedis per member was woefully inadequate and suggested the need to increase the amount to one million cedis per member. The GCPCUL is a financial organisation of registered pharmacists in Ghana that mobilises savings and provide loans and other financial services to members. The vision of the Union is to become a full service financial institution, responding to the needs of members while maintaining the cooperative identity.