Madina Queen of Peace Cooperative credit union net loans witness significant increase

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Mr. Thompson Aneyire Kubaje, Board Chairman of the Madina Queen of Peace cooperative has said the union's Net Loans witnessed a significant increase from GHS 7,483,896.76 in 2022 to GHS 9,893,787.73 in 2023. He said the Assets also grew from GHS 19,253,788.61 in 2022 to GHS 27,563,424.49 in 2023. Speaking at the annual general meeting of the Union in Madina, Mr Kubaje said Investments also grew from GHS 7,712,854.70 in 2022 to GHS 10,242,133.91 in 2023. He added that Members' Savings also grew by 40.39% while Shares grew by 59.24%. Mr Total Income increased from GHS 2,806,546.31 in 2022 to GHS 4,078,801.25 in 2023, while Total Expenses increased from GHS 2,086,275.99 in 2022 to GHS 3,073,189.00 in 2023. 'The Net Surplus recorded improvement from GHS 720,270.32 in 2022 to GHS 1,005,612.25 in 2023. Interest on Loans also increased from GHS 190,775.82 in 2022 to GHS 195,724.44 in 2023'. The Board Chair said the Net Surplus also increased from GHS 133,395.42 in 2022 to GHS 175,561.60 in 2023. On Dividends, he said a proposal of 30% of the Net Surplus needed approval from members before payment and mentioned that the staff continued to undergo in-house and external training to improve their skills and announced an increment in Shares from GHS 200 to GHS 500, which members voted and reduced the figure to GHS 300.00 Mr Cyprian K.A Basing, the Chief Executive Officer of the Ghana Co-operative Credit Unions Association, commended the QPCCU Board for opting to stay for three years instead of four and called on them to strive to continue to work hard and commended the Board for accountability and dedication to its members. Since the tenure of the old Board members ended, new executive members led by Mr Ebenezer Asiedu (Chairman) were sworn in by the Registrar of Co-operatives Mr Apreku Yeboah. Awards were presented to deserving members of the Madina Queen of Peace Co-operative Credit Union. Also in attendance were the Regional Manager of CUA Limited Accra, Mr Daniel H. Kofi, Regional Director for the Department of Co-operatives Madam Priscilla N.A. Botchway, The Auditor for CUA Accra Madam Ruby Antwi and the Parish Priest of the Queen of Peace Catholic Church Rev Father Anthony Pebeabaye Didongo (SMA). Source: Ghana News Agency

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