The Queen of Peace Co-operative Credit Union marked its 42nd Annual General Meeting (AGM) in Madina, showcasing significant financial growth alongside active community engagement.
Board Chairman Mr. Ebenezer Asiedu highlighted a steady rise in membership, increasing from 8,520 in 2023 to 9,150 in 2024, reflecting growing trust and participation in the union’s services.
Financially, the union demonstrated robust expansion: total assets surged from GHS 27.58 million to over GHS 31.5 million, net loans increased by more than GHS 5 million, and member savings rose impressively from GHS 22 million to over GHS 31 million within a year. Investments also climbed substantially, underscoring prudent financial management.
Despite a rise in total expenses from GHS 3 million to GHS 4.39 million, Mr. Asiedu proposed a 30 percent dividend payout from the net surplus, signaling confidence in continued financial health and rewarding member loyalty.
Beyond financial achievements, the union’s commitment to social responsibility was evident. The Board invested GHS 20,000 in a free medical outreach for members at Madina Central Market and donated a total of GHS 110,000 to local church projects, including grotto construction and parish activities.
The union’s emphasis on community welfare complements its financial mission, reinforcing its role as both a financial institution and a community partner.
Auditor Madam Ruby Eyram Owusu Antwi confirmed that the financial statements present a true and fair view of the union’s position, while the acting Registrar of the Department of Co-Operative, Mr. William Kwarshie Darli, praised the board’s performance and urged continued prudence in investment decisions.
Mr. Darli also encouraged the management to intensify member education on cooperative principles and benefits, ensuring members remain well-informed stakeholders.
The AGM concluded with recognition of hardworking groups and members through gift presentations, celebrating collective efforts that drive the union’s success.
As the Queen of Peace Credit Union continues to grow, the call to members is clear: deepen investment in shares to sustain momentum and further empower the cooperative’s impact on both financial inclusion and community development.
