Queen of Peace Co-operative Credit Union Annual AGM
Annual AGM Madina
Madina, October 24, GNA – The Queen of Peace Co-operative Credit Union (QPCCU), Madina, on Sunday organized its 39th Annual General Meeting at the Auditorium of Queen of Peace Complex Hall.
In an address by Madam Edith Dzidzornu, the Regional Director, of the Department of Co-operatives Accra said, a look at the financials of the Credit Union showed continual growth in profit, liquidity, membership, and other operational areas.
She, therefore, encouraged the Board and Management to continue with the good policies, programs and apply same to all members that had brought about this continual growth yearly.
She added that to ensure financial stability, the Board should not only focus on the economics but balance it with the interest of members.
Madam Dzidzornu encouraged Members to play their part by attending meetings such as this and contribute their views for the growth of the Credit Union.
She expressed that, it was also the responsibility of members to patronize the products to serve the Union. She urged members to continue to increase their shares, and save regularly and access the loans and pay on time. She added that all these will ensure the capital adequacy of the Madina Credit Union.
In a report by The Board Chairman, Mr Thompson Kubaje Anayire, welcome Co-operators and explained the financial performance by saying that; the Union’s net loans to members recorded a sharp increase of 67% from Gh 2,717,978 to Gh 4,543,993.94 constituting 34% of Asset size. He said Investments also grew by 39% from Gh 3,822,462 to Gh 4.986,227.15, while non-current asset grew by 16%.
On members Savings it grew by 34% while Shares grew by 24%. The total asset increased from Gh 9,870,024 to Gh13,132,796 representing 33%.
On membership growth, the Chairman said members grew from 5,659 in 2020 to 6,059 significantly for 2021.
The Total Income increased by 21% from Gh 1,329,952 to Gh 1,620,712. He noted that Covid19 affected a lot of businesses which affected the loan and interest repayment.
Total expenses increased from. Gh 1,394,580.17 to Gh 1,543,375 representing 19%. Net Surplus also witnessed a remarkable improvement from Gh 35,371.83 to Gh 77,337.43 representing 118.6%.
Unfortunately, despite the increment in Net Surplus, the Board was unable to declare dividend for this year because of the following reasons:-
The Union’s capital adequacy was still low and the revised standard by the supervisory agencies was 20%. Therefore they needed a minimum of 10% shares and 10% reserves. The current position was 9.4% shares and 5.9% reserves which are both below the standard.
The Board Chairman pleaded with the Co-operators to be patient so that they can build a credit union with a good capital base in order to enjoy consistent dividend in future.
The Chairman said, the Union had introduced a loan product for government workers where their loans and savings would be deducted at source and there would be no guarantor to access.
The Board had also reviewed downwards the interest rates on the various loan products. He added that this will help members to borrow more and pay less.
The Queen of Peace Co-operative Credit Union in Madina will be 40years in 2022 and a number of activities have been lined up for the celebration.
The Board Chairman said the Credit Unions have been asked to change their financial year from July-June to January-December starting from next year 2022.
Awards were presented to deserving persons including a staff of the Credit Union.
In attendance included Mr Desmond Kuranchie Mensah, Assistant Regional Manager, Accra, who was very appreciative of the good work done by the Board Members. The Co-operators attended the function in their numbers to grace the occasion GNA