Madina: The Queen of Peace Co-operative Credit Union held its 42nd Annual General Meeting (AGM) in Madina, where significant growth in membership and financial assets was reported.
According to Ghana News Agency, the Board Chairman, Mr. Ebenezer Asiedu, highlighted that the Union's membership increased from 8,520 in 2023 to 9,150 in 2024. The Union's assets saw a significant rise from GHS 27,585,394.28 in 2023 to GHS 546,179.82 in 2024. Similarly, net loans experienced growth from GHS 9,621,245.25 in 2023 to GHS 668,010.89. Investments also showed a positive trend, surging from GHS 9,621,245.25 in 2023 to GHS 14,501,377.78 in 2024, while membership savings grew from GHS 22,074,204.38 in 2023 to GHS 31,338,872.62 in 2024.
Mr. Asiedu also reported an increase in the Union's shares, which rose from GHS 2,287,997.57 in 2023 to GHS 2,660,619.38 in 2024. Total expenses climbed from GHS 3,073,411.00 in 2023 to GHS 4,390,803.60 in 2024. He proposed a dividend of 30 percent of the net surplus for the approval of members.
The meeting also covered the Union's social and corporate responsibility initiatives. The Union conducted a free medical outreach at the Madina Central Market, costing GHS 20,000.00. Additionally, donations were made, including GHS 80,000.00 to the Queen of Peace Church for constructing a grotto, GHS 20,000.00 to the Saint John of God Parish in Amrahia, and GHS 10,000.00 to the Catholic Charismatic Renewal. Mr. Asiedu encouraged members to increase their share investments.
The Auditor for CUA, Madam Ruby Eyram Owusu Antwi, confirmed that the financial statements accurately reflected the Union's financial position. The acting Registrar for the Department of Co-Operative, Mr. William Kwarshie Darli, advised the Board on prudent investment and emphasized the importance of educating members about various aspects of the Union. He also praised the Board for its accomplishments.
During the event, hardworking groups and members were recognized and presented with gifts.
