MASLOC spends GH¢2.6m to assist 6,452 traders in Brong-Ahafo

The Brong-Ahafo Regional Office of the Microfinance and Small Loans Centre (MASLOC), has assisted 6,452 traders with GH¢2,667,872 since 2010.

Mr Abdulai Issah Kavinang, the Regional Manager of MASLOC, who disclosed this to the Ghana News Agency (GNA) in Sunyani, said 6,054 of the beneficiaries were market women.

They included fish mongers, food vendors, foodstuffs sellers and petty traders at Atebubu, Goaso, Techiman, Sunyani, Dormaa-Ahenkro and Sampa.

He explained that GH¢217,300 of the amount were given as small loans and the beneficiaries were expected to repay within six months.

Mr Kavinang said this year, the Centre would support people in aquaculture, poultry and food crop production, and advised farmers to form groups to enable them to access the facility to expand their economic ventures.

He explained that though the centre sometimes found it difficult to recover loans from some recalcitrant traders, the general repayment of the loans was excellent as the traders conformed to all the terms and conditions of the facility.

Mr Kavinang said MASLOC organised periodic training on proper financial management, record keeping and stock taking for beneficiaries, especially market women, a situation which had made it easier for loan recovery.

He said that MASLOC was established in 2006 by government as a poverty intervention strategy, to support the active but economically poor, to expand their businesses, and advised the public not to politicise the initiative.

Mr Kavinang warned defaulters to repay their loans within the recovery period or would be prosecuted.

Source: GNA