$config['image_library'] = 'gd2';
$config['source_image'] = '/path/to/image/mypic.jpg';
$config['create_thumb'] = TRUE;
$config['maintain_ratio'] = TRUE;
$config['width']         = 75;
$config['height']       = 50;

$this->load->library('image_lib', $config);

$this->image_lib->resize();