Women are the highest recipients of loans under the Micro Finance and Small Loans Centre (MASLOC), President Nana Addo Dankwa Akufo Addo has said.
That surpassed the 2016 New Patriotic Party’s Manifesto promise to allocate 50% of MASLOC funds to women.
President Akufo-Addo in his State of the Nation Address said MASLOC was given an amount of GH¢35 million in October 2018 for disbursement, the first time such an amount had been given to the Centre outside of an election year.
He said of the amount received, the Centre had disbursed GH¢20,563,100, with GH¢14,317,200 to be disbursed for pending applications, which had been approved.
“So far, 87% of the monies disbursed have gone to women, i.e. 24,582 women,” he added.
President Akufo-Addo said small and medium scale enterprises (SMEs) formed the base of businesses in the country, adding financing had been the bane of their operations.
MASLOC was established in 2006 to meet a critical need by providing the type of small-scale loans needed by these small-scale enterprises at reasonable rates.
Sadly, the credit centre was undermined by base political considerations and endemic corruption, run down completely.
“I am glad to report that MASLOC has been revamped, and is getting back to do what it was set up to do,” the President indicated.
President Akufo-Addo said there had been strict adherence to credit procedures and prudent management of the credit recovery process which had resulted in a recovery rate of 89% of loans administered under a pilot scheme introduced in 2017.
This year, the President has noted MASLOC would increase its attention to youth start-up businesses especially in vegetable farming, poultry, piggery and fish farming.
By Jamila Akweley Okertchiri