MASLOC distributes 40 outboard motors to fishermen

Micro-finance and Small Loans Centre (MASLOC) on Tuesday started distribution of outboard motors to fishermen at fishing communities countrywide at subsidized cost to help boost their economic activities.

Mr Mustapha Abubakar, Public Relations Officer of MASLOC, disclosed this to journalists at a ceremony organized by the Centre to distribute 40 horse-power outboard motors to the fishers at Prampram in the Greater Accra Region.

Speaking on behalf of Mrs Bertha Sogah, Chief Executive Officer of MASLOC, he said the distribution of the horse-power motors to the fishermen in Prampram formed part of 1,000 motors earmarked to be distributed in series countrywide at a subsidized cost.

Mr Abubakar said though each of the outboard motors costs GH¢9,000.00, it was being given to the fishermen at a subsidized cost of GH¢4,900.00.

He stressed that the 50 per cent subsidy on the motors was as a result of the government’s intervention to boost the economic activities of fishermen.

Mr Abubakar said already 280 of the horse-power outboard motors had been distributed to fishing communities in Cape Coast, and 100 had been allocated to those in Takoradi.

Nii Teye Appeynarh Richson, District Chief Executive of MASLOC, who received the items on behalf of the fishermen, expressed gratitude to government for the kind gesture.

MASLOC was established to provide, manage, regulate and approve funds for microfinance and small-scale credit schemes and programmes.

The centre targets mainly the productive poor and vulnerable in the society, including women, physically challenged and the youth, who are engaged in micro and small scale businesses to provide quick and easily accessible micro-credit facilities to reduce poverty and create employment and wealth.

MASLOC provides micro-credit or group loans, small loans, wholesale lending to microfinance institutions, Ministries, Departments and Agencies and rural banks for on-lending to the productive poor.

Economic activities funded by the centre include food crops, agro-processing, poultry, micro-enterprise, vocations, handicrafts, fish farming and agricultural machinery.

Source: GNA