GCPCU cuts loan rate to 15% to ease members’ burden
The Ghana Co-operative Pharmacists Credit Union (GCPCU) has reduced its loan interest rate from nearly 25 per cent to 15 per cent in a move aimed at improving members’ access to affordable credit and strengthening their financial well-being.
The Board Chairman of the Credit Union and President of the Pharmaceutical Society of Ghana, Dr Paul Owusu Donkor, announced the decision at the Union’s Annual General Meeting (AGM) held in Accra last Friday.
The meeting, on the theme: ‘Leveraging Credit Union Support for Personal and Business Success,’ brought together members and stakeholders to review the Union’s performance and chart a path for the future.
Dr Donkor said the reduction in lending rates formed part of three major achievements recorded during the year under review.
He explained that while the lower rate would ease the financial burden on members, it also demanded greater discipline in loan repayment.
He further highlighted the successful implementation of the SEEDS Project, which supported four young entrepreneurial pharmacists to establish their own businesses after years of planning.
According to him, the initiative reflects the Credit Union’s commitment to promoting entrepreneurship within the profession and urged members to take advantage of such opportunities.
On digital transformation, Dr Donkor said the Credit Union’s mobile application, previously available only on Android, had now been extended to iOS users.
He noted that the app enables members to make deposits, check account balances and carry out transactions remotely.
He urged members to embrace the platform, saying banking with the Credit Union was now “literally at your fingertips.”
Dr Donkor also called on members to strengthen the Union’s capital base by increasing their shareholding.
He disclosed that although the Credit Union has nearly 5,000 members, about 1,367 have not attained the minimum GH¢500 shareholding required to qualify for dividend payments.
He stressed that as owners of the institution, members must increase their share capital to support its continued growth and financial resilience.
The Chief Executive Officer of Unicom Chemists, Dr Patience Tsegah, described the Credit Union as more than just a financial institution, noting that it serves as a professional support system designed to bridge the financing gap facing pharmacists.
She explained that when the Credit Union mobilises savings, it is not merely collecting deposits but building a pool of resources that is reinvested into the pharmacy profession.
Dr Tsegah emphasised that financial wellness is critical to professional performance and encouraged members to actively engage with the Credit Union rather than remain passive account holders.
Representing the Chief Executive Officer of the Credit Union Association of Ghana (CUA), Dr Owusu Nyarko commended the GCPCU for its leadership within Ghana’s credit union movement. He also praised its strong liquidity position and support for members’ educational, business and retirement needs.
However, he expressed concern that the Credit Union’s capital adequacy ratio stands at 18 per cent, below the recommended 20 per cent benchmark. He therefore urged members to increase their share capital and reduce loan defaults.
He noted that if members honoured their repayment obligations, the Credit Union would continue to grow, improve its surplus and deliver even greater benefits to its members.
BY HILDA NSAMI
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