Skip to main content

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.

Credit: GNA

Comments

Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong sarpong007@gmaail.com
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…