Tuesday, May 24, 2022
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Login
  • Home
  • News
  • Economy
  • Columns
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    The Mares need P7.2m for Africa Cup of Nations – Letshwiti

    Debswana boosts Mares’ preparations for AWCON

    Two local softball players move to Canada

    Two local softball players move to Canada

    Record breaker Tebogo was advised against the 400m race

    Record breaker Tebogo was advised against the 400m race

    BONA unveils P234K Tournament Sponsorship

    BONA unveils P234K Tournament Sponsorship

    The Mares need P7.2m for Africa Cup of Nations – Letshwiti

    The Mares need P7.2m for Africa Cup of Nations – Letshwiti

    Botswana’s cricket team tours SA

    Botswana’s cricket team tours SA

    Trending Tags

    No Result
    View All Result
    • Home
    • News
    • Economy
    • Columns
    • Companies & Markets
    • In Business With
    • Lifestyle
      • Motoring
    • Sports
      The Mares need P7.2m for Africa Cup of Nations – Letshwiti

      Debswana boosts Mares’ preparations for AWCON

      Two local softball players move to Canada

      Two local softball players move to Canada

      Record breaker Tebogo was advised against the 400m race

      Record breaker Tebogo was advised against the 400m race

      BONA unveils P234K Tournament Sponsorship

      BONA unveils P234K Tournament Sponsorship

      The Mares need P7.2m for Africa Cup of Nations – Letshwiti

      The Mares need P7.2m for Africa Cup of Nations – Letshwiti

      Botswana’s cricket team tours SA

      Botswana’s cricket team tours SA

      Trending Tags

      No Result
      View All Result
      The Business Weekly & Review
      No Result
      View All Result
      Home News

      How BOPEU navigated tough COVID-19 terrain

      • Union devised strategic means to remain solvent • Obtained loan top-up to consolidate Group debt

      mm by Kabo Ramasia
      January 20, 2022
      in News
      Reading Time: 2 mins read
      0
      How BOPEU navigated tough COVID-19 terrain

      GABORONE 9 December 2019, Botswana Public Employees Union (BOPEU) president Olefile Fast Monakwe briefs the media in Gaborone on 9 December 2019 on the recent meeting in Palapye. BOPEU 1st Deputy President Donald Mokgwe, General Secretary Kaboyaone Rash Sedimo were present during the briefing. Monakwe during the briefing. (Pic:MONIRUL BHUIYAN/Press Photo)

      0
      SHARES
      35
      VIEWS
      Share on FacebookShare on Twitter

      Despite the challenges posed by the onset of the COVID-19 pandemic in late 2019, the Botswana Public Employees Union (BOPEU) has soldiered on and remained solvent in the mist of declining revenue streams.

      According to the Treasurer General’s report 2019/2020 & Audited Financial Statements (2019/2020), the BOPEU Group assessed available information regarding the pandemic and how it would impact its members and business operations.

      “The Group has used endeavours using the currently available information to assess the possible impact that this will have on its activities over the short-term and possibly the long term,” reads the audited     financial statements. “In doing so, it has determined that key drivers of financial performance which are likely to be materially impacted positively as a result of the COVID-19 pandemic are revenue and operational costs.”

      According to the report, BOPEU anticipated that the negative impact of the pandemic would possibly increase impairment levels and delays in planned revenue generating projects. Along with that, the Group projected that existing liquid facilities were sufficient for a period not exceeding a year.

      The auditors, Mazars, says throughout battling the COVID-19 scourge, noted the union’s current assets that exceed liabilities as a going concern and that its total assets also exceeded its total liabilities. “The union’s current assets exceed current liabilities by P3,838,989 (2019: P4,350,984) as at 30 June 2020 and its total assets were more than total liabilities,” say the report. “The Group’s current liabilities exceeded current assets by P10,370,604.”

      The report notes: “The Group has adequate financial resources to continue in operation for the foreseeable future and accordingly the annual financial statements have been prepared on a going concern basis.”

      The audited financials show that the BOPEU Group consolidated the Institute for Labour and Employment Studies for the first time in the current year. “Prior year numbers were restated to show the effect of consolidating the Institute for Labour and Employment Studies,” the report notes.

      Depicting events after the reporting period, the report notes that the Group will continue to implement its strategic financial objectives to enable it to tackle financial challenges that pose a threat to its solvency.

      “With the loan book declining at an alarming rate and loans disbursements turnaround times proving to be a challenge in current times because of cashflow issues, management sought a loan top-up from BancABC to address the backlog of loans subsequent to the year end,” it discloses.

      The loan top-up was obtained to consolidate the Group’s debt, bringing it to P23.3 million. “Before consolidation, the total (Banc) ABC loan amounted to P 12.8 million, meaning the Group was afforded a change of P10.5 million from the top-up and all the funds were invested in the loan book, hence addressing the backlog issue,” says the report.

       

      Tags: Botswana Public Employees Union (BOPEU)COVID-19

      Navigation

      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports

      Recent News

      • NDB sets aside P10 m for Horticulture
      • BITC lobbies Hospitality Sector for local produce
      • Inclusion Represents Currency and Profit
      • The Creative Causality of Connie Ferguson
      • Komatsu-AM600 Cycling Challenge raises over P1 million for charity

      Site

      • About
      • Advertise
      • Privacy Policy
      • Cookie Policy
      • Contact

      © 2021 The Business Weekly & Review. All Rights Reserved.

      No Result
      View All Result
      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports

      © 2021 The Business Weekly & Review. All Rights Reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password?

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?