Madina-Ghana, Oct 23, GNA – The Queen of Peace Co-operative Credit Union has organized its 40th Annual General Meeting at the Queen of Peace Hall Complex in Madina.
The AGM embraced all its members from the Madina Deanry and an out station branch office from Amomoley.
Mr Thompson Aneyere Kubaje, Chairman of the Union said as part of their corporate social responsibility, the Union constructed two security posts for the Queen of Peace Church during the celebration of the 40th anniversary last year.
He said their outstation office at Amomoley was growing and needed a piece of land to construct an office building for the branch.
On dividends, the Board proposed 20 per cent to be paid in to members’ shares adding that the calendar for the AGM had changed from December to March and April.
He added that the Union stood firm during the banking sector clean up during COVID-19, haircuts and debt restructuring and impact of the famous Russian -Ukraine war.
He said in 2022, loans grew by 10.9 per cent from GHS 1,522,305.92 in 2021 to GHS 1,688.193.92 in 2022.
Interest on liquid investments, he said grew marginally by 4 per cent while non-operating income reduced by 11.46 per cent because various commissions earned on products and services did not do well.
“The total Income increased from GHS 2,641,164.37 to GHS 2,806,546.31 representing 6.26 per cent”.
Mr Kubaje said the Union managed to reduce total expenditure from GHS 2,409,578.89 in 2021 to GHS 2,086,275.99 in 2022 representing 13.4 per cent.
“The Net Surplus rose from GHS 231,585.48 in 2021 to GHS 720,270.32 in 2022 representing 211 per cent.
On total Assets, he said it grew by 33 per cent while the Net Loans increased by 24.3 per cent and liquid investments increased significantly by 60.5 per cent.
The Chairman added that the Net Savings increased by 30.15 per cent, while Member Shares increased by 19.7 per cent with Reserves increasing by 78 per cent.
Madam Edith Dzidzornu, the Deputy Registrar from the Department of Co-operatives, Accra, urged members to take improved decision on their finances.
The General Manager for Credit Union Association, Mr Cyprian K.A. Basing noted that at the continental level, Credit Unions were doing well and asked co-operators to inculcate good values into their children to grow up to be good citizens.
The Regional Manager for CUA Limited, Mr Daniel H. Kofi gave a glowing tribute to the members of the Union and was happy with the caliber of the Executive and explained that it was the Catholic Church that begun the Credit Unions in Ghana that have shown resilience and commended them.
