MASLOC recovers GH¢ 9.2m of GH¢100 million debt; issues ultimatum to defaulters

The Microfinance and Small Loans Centre (MASLOC) has disclosed that it has as at September 2017 retrieved a total of GH¢ 9.2 million out of GH¢100 Million that was given out as loans to beneficiaries under the erstwhile National Democratic Congress (NDC) administration.

Chief Executive Officer (CEO) of MASLOC, Stephen Amoah in an exclusive interview with the media, said the amount retrieved so far is woefully inadequate indicating that it has a toll on the finances of the centre.

According to him, a chunk of the amount was given out under the NDC regime without following due processes.

“Our debt portfolio currently stands at over GH¢100 Million and greater part of the amount was given out under the erstwhile government. They failed to follow the due processes in granting the loans to beneficiaries who are party cronies”, he revealed

He disclosed that some of the tricycles and that were purchased and given out on hire purchase were equally overpriced making it impossible to sell off the current stock.

“The tricycles we have are overpriced and we cannot even sell them in the open market. Kwame, I can tell you that the NDC wreaked serious havoc to this country and if we had allowed them in office for another term, the country would have gone on its knees”, he disclosed.

He said the Debt recovery was among other factors a major challenge crippling the Microfinance and Small Loans Centre (MASLOC) in the erstwhile National Democratic Congress (NDC) administration.

Meanwhile, MASLOC has issued a 10-month ultimatum to all defaulters including celebrities to settle their indebtedness or have their names and images published.

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