Queen of Peace Co-operative Credit Union reviews its performance

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Queen of Peace Co-operative Credit Union (QPCCU)
Queen of Peace Co-operative Credit Union (QPCCU)

The Queen of Peace Co-operative Credit Union (QPCCU) in Madina in Accra has organised its 39th Annual General Meeting at their church Auditorium.

The meeting was to review their performance and plan ahead of coming years.

Madam Edith Dzidzornu, the Regional Director, of the Department of Co-operatives Accra said, a look at the financials of the Credit Union showed a continuous growth in profit, liquidity, membership and other operational areas and encouraged the Board and Management to continue with the good policies, programmes and apply same to all members that brought about their annual growth .

She encouraged Members to play their parts well by attending meetings to contribute their views for the growth of the Union.

She said it was also the responsibility of members to patronize the products of the Union and urged members to continue to increase their shares, save regularly and access the loans and pay on time to ensure capital adequacy of the Union.

Mr Thompson A. Kubaje, Board Chairman of the Union welcomed Co-operators and explained the financial performance of the Union.

He said the Union’s net loans to members recorded a sharp increase of 67 per cent from GHS 2,717,978 to GHS 4,543,993.94 constituting 34 per cent of Asset size.

He said Investments also grew by 39 per cent from GHS 3,822,462 to GHS 4.986,227.15, while non-current assets grew by 16 per cent.

Savings, he said grew by 34 per cent while Shares grew by 24 per cent, with total assets increasing from GHS 9,870,024 to GHS13,132,796 representing 33 per cent.

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 per cent from GHS 1,329,952 to GHS1,620,712 as COVID-19 affected a lot of businesses especially the loan and interest repayment.

Total expenses increased from GHS 1,394,580.17 to GHS1,543,375 representing 19 per cent, while net Surplus also witnessed a remarkable improvement from GHS 35,371.83 to GHS 77,337.43 representing 118.6 per cent

Unfortunately, he said despite the increment in Net Surplus, the Board was unable to declare dividends for this year because of low capital adequacy with revised standard by the supervisory agencies at 20 per cent and therefore needed a minimum of 10 per cent shares and 10 per cent reserves.

He said the current position was 9.4 per cent shares and 5.9 per centre reserves which were both below the standard.

The Board Chairman pleaded with the Co-operators to be patient as they built a Credit Union with a good capital base to enjoy consistent dividends 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.

The Board also reviewed downwards the interest rates on the various loan products that would help members to borrow more and pay less.

The Queen of Peace Co-operative Credit Union in Madina will be 40 years in 2022 and a number of activities have been lined up for the celebration.

The Board Chairman said the Credit Union has 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; Daniel Asomani who was Best staff of the Credit Union in 2020/2021.

In attendance were; Mr Desmond Kuranchie Mensah, Assistant Regional Manager, Accra, who was appreciative of the good work done by the Board Members.

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