26,300 BENEFIT FROM MASLOC LOANS IN WR (PAGE 40)

The Microfinance and Small Loans Centre (MASLOC) has disbursed GH¢4.5 million as loans to 26,300 beneficiaries in the Western Region.
The scheme has so far given out GH¢31 million to more than 95,300 beneficiaries across the country.
The Chief Executive Officer (CEO) of MASLOC, Mr Lawrence Akwasi Prempeh, made this known at Juaboso at the relaunch of the loans scheme at Juaboso, Bia, Akontombra, Sefwi Wiawso, Bibiani-Anhwiaso-Bekwai, Aowin/Suaman, Tarkwa/Nsuaem, Prestea/Huni Valley, Wassa Amenfi East, West Amenfi West, Mpohor Wassa East, Ellembelle, Nzema East, Jomoro, and Ahanta West Districts, all in the Western Region.
During the launch, a total of 11,000 beneficiaries were presented with their cheques for the loans totalling GH¢1.5 million at separate ceremonies at Juaboso, Tarkwa and Nkroful.
It is expected that the loans will enable the beneficiaries to improve on their economic activities which include petty trading and farming, and assist women in entrepreneurship, alternative livelihoods, handicraft production, fishing and small-scale mining.
Qualification for MASLOC loans is based entirely on the economic viability and projected profitability of the activity involved and it is open to all Ghanaians of sound mind and between the ages of 18 and 65.
As a social protection programme of the government to bring micro credit to the doorstep of the marginalised productive poor, the loans scheme attracts concessionary rate of 10 per cent and prime rate plus two per cent per annum.
The MASLOC was established by Administrative Directive of the government to serve as the fiduciary agency of government for the prudent and judicious management of government/development partners, microfinance funds to promote the emergence, development and growth of a sustainable and decentralised microfinance sector in the country.
The establishment of MASLOC was therefore in response to the perennial lack of finance for micro, small and medium enterprise (MSME) sector.
As an integral component of the Growth and Poverty Reduction Strategy, the government established the centre to serve as the focal point agency for using micro and small-scale credit programmes to support the development of a sustainable MSME sector as an important growth pillar of the national economy.
The long-term objective of the loan scheme is to promote the emergence, development and growth of a sustainable and decentralised micro-financial sector with grass-roots participation in ownership, management and control.
Speaking at the launch of the loan scheme at Juaboso, the CEO of MASLOC, Mr Prempeh, explained that the decision to set up MASLOC underscored the government’s recognition of microfinance as one of the most effective and sustainable strategies for poverty reduction by way of bringing financial services to the productive poor.
“In pursuit of this mandate, the targets for MASLOC’s facilities are principally the marginalised productive poor who fall mostly within the micro, small and medium enterprises sector,” he stated, adding that “programmes for women, youth and people with disability receive priority attention within the operations of MASLOC”.
Mr Prempeh also announced that his outfit had additionally disbursed a total of GH¢6.7 million to support 42,069 beneficiaries through pro-poor schemes of 16 ministries, departments and agencies as well as some private microfinance groups.
The activities that had been covered under those schemes, he said, included women in entrepreneurship, micro credit enterprise, youth credit schemes, guinea fowl rearing, agro-processing, fish mongering, alternative livelihood vocations, handicraft production agro-marketing, women in poultry, jatropha production and small-scale mining as well as ICT training under the National Youth Employment Programme (NYEP).
“For many of the beneficiaries, this gesture by the government must be seen as a once-in-a-lifetime opportunity to access critically needed finance to improve their economic activities and enhance the quality of their lives and that of their families,” he emphasised.
According to Mr Prempeh, the loans centre and the government expected the beneficiaries to seize the opportunity with both hands and ensure that they used the loans for the purposes for which they were granted.
“It is expected also that beneficiaries will take their loan repayment obligation seriously to support the sustainability of the scheme and thereby ensure that more people benefit from the MASLOC loans,” he stressed.
Mr Prempeh said the loans scheme was committed to its mandate of making affordable finance accessible to the productive poor who have been marginalised by the traditional banking system.
“In seeking to do this, the centre will count on the active collaboration of all stakeholders, especially the metropolitan, municipal and the district assemblies and other like-minded segments of our society to ensure that we mainstream micro finance into regular funding arrangements for our private sector,” he stated.
The Deputy Western Regional Minister, Mr Kwasi Blay, noted that people initially did not believe that the micro finance loan scheme could be a reality.
He said all those who had submitted their applications for the loans would benefit from the facility, since it had been institutionalised.
He, however, stressed that the credit facility was a loan and that it had its added responsibility, that is, the repayment of the loan to ensure that it would continue to revolve for the benefit of others.