Government funds are not free money – MASLOC Boss

Ms Bertha Ansah-Djan, Chief Executive Officer of Microfinance and Small Loans Centre (MASLOC) on Thursday described as worrying, the perception that government’s funds are “free money” stressing it is a bane to socio-economic development.

She added that those who entertain the idea mismanaged the funds and were reluctant to repay.

Ms Ansah-Djan was speaking to journalists at an end-of-year media interaction in Accra.

She said the Centre had hired the services of a financial institution to recover the loans.

Ms Ansah-Djan described as baseless media speculations that MASLOC loans were disbursed with partiality to favour only National Democratic Congress’ party foot soldiers.

She said the Centre is opened for all, irrespective of the person’s ethnicity, party affiliation or religion, provided the applicant qualified under the scheme.

Ms Ansah-Djan advised drivers and motorists to observe traffic regulations and safety tips to prevent road crashes during the yuletide.

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, 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