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Queen of Peace Co-operative Credit Union records increase in investment

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Cedis

Mr Vincent Sam Brew, the Outgoing Board Chairman of the Queen of Peace Co-operative Credit Union Limited, on Sunday said the financial year witnessed an increase in investment of 36.8 per cent from GHC2,793,626.75 to GHC3,822,462.40.

The net loans to members reduced from GHC 2,831,207.37 to GHC 2,717,978.88, representing a four per cent decline.

Mr Brew was addressing the co-operators at the 38th Annual General Meeting of the Credit Union at the Queen of Peace Catholic Church Complex at Madina in Accra.

He expressed regret that due to the Covid-19 pandemic and its effects on businesses, the demand for loans reduced drastically.

Mr Brew said the repayment of principal and interest on loans was also affected.

The expected interest of GHc215,824.00 from special Corporate Loans could not be achieved because churches were on lockdown during the greater part of 2020.
That, he said, affected the Net Surplus and level of profitability.

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The Total Assets grew marginally by 8.9 per cent from GHC9,063,631.99 to GHC9,870,024.32, while Savings also grew by seven per cent from GHC7,596,422.86 to GHC8,135,709.02.

Shares also increased from GHC756,820.50 to GHC990,476.69 to register a 30 per cent growth.

Thirteen New Board members were introduced to the Co-operators.

They are Mr Thompson Aneyine Kubaje, Chairman, Mrs Joan Azaah, Vice-Chairperson, Mr Sylvester Wullo Bagoro, Secretary, and Mr Rex Herman Obeng, Treasurer.

The rest are Mrs Gertrude Sangber Dery, Assistant Treasurer, Mr Anthony E. Minlah, Member, and Mr Joseph Daniel Obeng, Member.

The Supervisory Committee Members are Mr Joseph C.A. Azemaba, Chairman, Mr Joseph Edward Bayor, Secretary, and Mr Isaac Oppong Kyekyeku, Member.

The Loans Committee members are Mr She-Vera Anzagna, Chairman, Ms Lucy Afari, Secretary, and Mr Ebenezer Asiedu, Member.

The Board Members were sworn in by the Regional Director of Co-operatives, Accra, Madam Edith Dzidzornu at a brief ceremony.

In attendance were the Parish Priest In-Charge of Queen of Peace Catholic Church, Very Reverend Charles Owusu Ansah, and the C.U.A. Regional Manager, Accra Chapter, Mr Daniel Hotor.