The New Juaben Municipal Teachers Savings Scheme recorded a net profit of GH¢52,412.70 as compared to GH¢66,669.88 recorded in 2011, Mr I.B. Lassey, Chairman of the Board of Directors, has said.
Addressing the 10th Annual General Meeting (AGM) of the scheme in Koforidua on Friday, he said the drop of 21.3 percent resulted from some challenges from the Controller and Accountant General’s Department (CAGD) as well as delays encountered during the transfer of funds into their accounts from the Bank of Ghana.
Mr Lassey said the acquisition of equipment, fixtures and fittings and furniture for their office as well as the rent advance paid for the office accommodation also affected the level of profit.
He mentioned some of the challenges as the non capture of dues of newly enrolled members and also in the upward increase in the level of the monthly contributions of existing members.
Mr Lassey said one other challenge was due to government directives concerning the transfer of funds deducted on behalf of any group or organizations by the CAGD adding that those directives had caused undue delays in the transfer of funds to their accounts.
“As a result of these delays, our expected revenue from the CAGD for the months of April and May 2012 could not be paid into our accounts before June 30, 2012”.
He said total revenue for the period under review amounted to GH¢1,255,793.93.
Mr Lassey said interest awarded on members’ savings for the period under review amounted to GH¢188,670.92, as against GH¢141,694.92 recorded last year, an increase of 33 percent.
He said members’ interest in share acquisition had been very high adding that a total of 37,015 had been acquired.
The Board Chairman said in view of the drop in their net profits and the increase in the level of shareholdings, a dividend of GH¢0.80 as against a dividend of GH¢0.85 per share paid last year had been proposed for the period ended June 30, 2012.