The total assets of the Queen of Peace Credit Union at Madina in Accra soared to GH¢38.5 million in 2024 from GH¢27.6 million in 2023.
The Chairman of the Board of Directors of the Union, Mr Ebenezer Asiedu, disclosed this at the 42nd Annual General Meeting (AGM) of the Credit Union held last Saturday, said the growth represented a 39.5 per cent increase over the previous year’s figure.
He attributed the performance to prudent management and the confidence members continued to repose in the Union.
Currently ranked the fourth-best credit union out of 132 in the Greater Accra Region, the Queen of Peace Credit Union has steadily grown since its establishment in 1982.
The AGM, which attracted hundreds of members, was attended by dignitaries including Mr William Kwashie Darlie, Acting Registrar, Department of Cooperatives; Mrs Priscilla Botchway, Regional Director, Department of Cooperatives; and Madam Edith Dzidzornu, Deputy Registrar in charge of Registration and Licensing.
Mr Asiedu encouraged members to continue to save with the Union, stressing that “your monies are in safe hands.”
He said the Union was breaking new grounds through innovation, creativity and determination, with the sole purpose of bringing empowerment and smiles to its members.
The AGM, held at the Hall Complex of the Our Lady Queen of Peace Catholic Church, Madina, was on the theme “Propelling the Credit Union, Empowering Members in the Period of Economic Stability”.
The theme, Mr Asiedu explained, underscored the Union’s dual role of sustaining its own growth and promoting the financial well-being of members, particularly in the current stable economic environment.
Touching on the new initiatives being pursued by the Credit Union, Mr Asiedu said the Union had expanded its geographical presence by opening a branch at Ashaiman New Market to serve its growing membership there.
That followed the establishment of the Amamoley branch some years ago.
He disclosed that members at Kantamanto and Abossey Okai had also called for branches in their areas to meet their growing needs.
On products, he said the Credit Union had introduced a “Happy Family Consumer Loan”, which allowed members to acquire home appliances at no interest.
Other products, Mr Asiedu said, included auto loans, special loans, emergency loans, Susu loans and corporate loans.
The Board Chairman discloses that members could access services remotely through the USSD code 248233#, direct debit arrangements with other banks, and other digital platforms, eliminating the need to visit banking halls.
Mr Asiedu stressed that the Union continued to benefit from strategic leadership, with skilled and experienced individuals guiding its growth.
“We are blessed with leaders of integrity and top-rate skills that are being harnessed for the service of members,” he added.
Mr Darlie, in his remarks, commended the Board, management and members, urging the Union to pay attention to the diverse needs of its professional and ordinary members. Members also called on the Board to pursue locked-up funds with investment houses affected by the 2018 banking sector clean-up.
The meeting ended with the Board’s assurance to tackle challenges confronting the Union and to sustain its growth trajectory.
BY KINGSLEY ASARE
