Madina Queen of Peace Co-operative registers profit

Assets of Madina Queen of Peace Co-operative Credit Union (QPCCU) grew from GH¢1,716,298.46 in 2013 to GH¢2,631,641.40 in 2014, while members savings increased significantly from GH¢1,475,604.77 in 2013 to GH¢1,987,335.76 in 2012.

This represents an increase of 25.7 per cent.

Shares of the Union increased from GH¢ 97,992.92 to GH¢ 138,921.29 representing 29.4 per cent.

Mr George Bannor, Chairman of the Board made this known at the 32nd Annual General Meeting in Accra on the theme: "Building a formidable Credit Union for the betterment of Members."

Touching on net surplus, he said in 2014 the Union accumulated GH¢ 63,217.07 as against GH¢64,786.28 in 2013.

He noted that the slight reduction in profit was due to the high operational cost and some unforeseen events. The financial reserves was GH¢173,765.57 in 2014 while in 2013 it recorded GH¢125,529.59.

He said QPCCU has a total membership of 3,194 in 2014 as against 2,628 in 2013.

The Board Chairman said the Union secured a loan of GH¢ 250,000 from CUA Central Finance Facility for the construction of a two-storey building, which would be completed in April 2015. After completion it would have a banking hall, board room/seminar room and other offices.

Mr Bannor said about 52 per cent of members are dormant and have stopped savings.

The Regional Manager of CUA Mr Kenneth Adjei Bosompem appealed to members to work hard and put more money in the Union.