MASLOC GOES TO BRONG AHAFO REGION (PAGE 15)

By Akwasi Ampratwum-Mensah,
Sunyani.

THE official launch of the Microfinance and Small Loans Centre (MASLOC) in the Brong Ahafo Region, took place at the auditorium of the Sunyani Polytechnic with a total of GH¢1.8 million slated to be disbursed among 3,500 successful individuals and groups who applied for the facility.
At the well-attended function, the elated beneficiaries from all the 19 districts in the region were issued with slips that would enable them access the loan from accredited banks in the region to either start or expand their respective enterprises.
Microfinance is universally acknowledged to be one of the most effective and sustainable strategies for poverty reduction since it brings financial services to the grass roots.
Accordingly, the government adopted this strategy in its Ghana Poverty Reduction programme now called Growth and Poverty Reduction Strategy. Unfortunately, a very large segment of the rural community still has no access to micro- financial services.
A couple of years ago, the President J.A. Kufour launched MASLOC in Accra for the programme to take off in all the regions of the country.
Mr Lawrence Prempeh, the Chief Executive Officer (CEO) of MASLOC, who performed the launch, disclosed that about 600 people had so far been employed to take care of the scheme at the various centres in the country.
He cautioned the beneficiaries that the loans were not for free and therefore, urged them to endeavour to pay back the money when the time was due so that other people would also benefit from the scheme. He said adequate measures had been put in place for repayment of the loans.
According to the CEO, nobody had the right to cash the money on behalf of another person and even in the case of those who applied in groups; the leaders of those groups had no right to access the money for the group members.
The Municipal Chief Executive (MCE) for Sunyani, Mr Kwame Twumasi-Awuah, observed that many people wanted to establish their own businesses in order to earn a decent living but lack of capital had not made their dream come true.
Basically, he said, it had become difficult for potential businessmen and women to provide collateral security to enable them access loans from the financial institutions and pointed out that, MASLOC did not emphasize the provision of collateral before one could access the money.
He, however, cautioned that, the loan was not meant for the purchase of expensive funeral cloths or for any unproductive venture, adding that the money was to be used to establish businesses that would bring about better returns for the beneficiaries.
The Regional Coordinator of MASLOC, Mr Osei Bonsu, explained that MASLOC was an intervention by the government, and was not discriminatory. He said the centre considered every application received before approval was given.
He therefore, appealed to those whose application had not been approved yet to exercise restraint as they were receiving attention.