By James Madakena
Accra, Aug 21, GNA-The Queen of Peace Cooperative Credit Union has attained grade ‘A’ rating under the annual Cooperative Credit Union classification under the 2025 financial year, and for the first time in its history, spanning decades.
It has also attained the required capital adequacy ratio, a key indicator in measuring the financial resilience of a credit union and also made a net surplus of over 3 million Ghana cedis for 2025 financial year.
Mr Sylvester Bagooro, a member of the board of Directors in a statement copied to the Ghana News Agency in Accra said with this performance, the Union promises to direct its gaze on Micro, Small and Medium Enterprises (MSMEs) and also invest more in its members in the coming years.
It said these were reported by the Board of Directors at the Annual General Meeting (AGM) of the Credit Union held at the Hall Complex of Our Lady Queen of Peace Catholic Church, Madina, Accra.
It said the AGM was on the theme ‘Investing in Small and Medium Enterprises, Investing in our Members’ and sought to highlight the importance of MSMEs not only in the mission of the Queen of Peace Credit Union, but also their role as vectors in transforming economies and societies.
“Grade A rating means a lot in the management and leadership style of the Queen of Peace Cooperative Credit Union. It reflects excellence in all aspects of its operations. That is strong financial management, prudent governance, effective resource utilisation, lending management and full compliance with all the statutory and regulatory requirements”.
The statement said the Accra Regional Manager of the Credit Union Associations (CUA), Mr Daniel H Kofi, commended the leadership for the achievement and raised the point that the Credit Unions were regulated and for Queen of Peace Cooperative Credit Union to attain such a rating, was no mean achievement.
He also commended the Union in the deployment of technology to make the services of the Union available to members at all times.
“The Union, for the first time, attained a Capital Adequacy Ratio (CAR) , a key indicator in measuring resilience of any credit union. To the lay man and woman, it means the Union has enough funds put aside to respond to any unfortunate development that could lead to members demanding their funds. A bank with a high capital adequacy ratio is considered safe and likely to meet its financial obligations”.
It said the achievement, according to the Board of Directors, was made possible through the implementation of deliberate and strategic initiatives aimed at strengthening the Union’s capital base and its financial resilience.
The Union also made a net surplus of three million, and twenty-four thousand, eight hundred and twenty-eight cedis, seventeenth pesewas (Ghc3,024, 828.17) as compared to one million, five hundred and fifteen thousand, five hundred and three Ghana cedis (Ghc1,515,503.00) in 2024.
“This was an increment of 33.66 precent in relation to the performance of the previous year (2024). It confirms the Union’s strong financial management, operational efficiency and sustained business growth.
“With the above performance, the Chairman of the Board of Directors, Mr Ebenezer Asiedu, in his welcome address to members, said in the coming days, months and years, the Union would turn its attention on investing more in its members and their businesses such as the MSME.
“This was because, according to him, in the current relatively buoyant economy, the needs of the MSMEs can easily be masked in the broader narrative. The Union therefore will go down to the granular level and attend to the needs of its members”.
To this end the Union has developed the MSME loan product with specialised and friendly interest rate to help grow MSMEs.
The AGM was attended by five hundred and eighty-seven members (587) and also graced by dignitaries such as Mr William Kwashie Darlie, Acting Registrar, Department of Cooperatives, Mrs. Doris Nanteer, Regional Director, Department of Co-operative, Madam Edith Dzidzornu, Deputy Registrar In charge of Registration and Licensing, Mr Daniel H. Kofi, Accra Regional Manager, Credit Union Associations (CUA).
Others were representatives from sister credit unions such as University of Ghana Cooperative Credit Union and PRESEC Cooperative Credit Union.
Mr Darlie commended the Board and Management for growing the assets from thirty-eight million in 2024 to over fifty-two million by the end of 2025.
He also made the point that support to a member of the Credit Union was support to more than one person.
It was investing in a wider society. He appealed to the Board of Directors and Management to invest in youth entrepreneurs.
GNA
Edited by George-Ramsey Benamba