Parliament cautions to MASLOC over 55% loan recovery rate
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Parliament cautions to MASLOC over 55% loan recovery rate

- The Finance Committee in Parliament has cautioned the Micro Finance and Small Loans Centre (MASLOC) with regard to recovery of loans

- This follows reports that MASLOC was only able to recover 55% of loans granted in 2019

- In the year 2016, MASLOC's loan recovery rate stood at 64%

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Parliament’s Finance Committee has tasked the management of the Micro Finance and Small Loans Centre (MASLOC) to do better with its loan recovery strategies.

The caution comes after it was gathered that MASLOC recovered only 55% of loans disbursed in 2019.

The latest rate represents a fall from 64% which was recorded in the year 2016.

Parliament issues warning to MASLOC over 55% loan recovery rate

Stephen Amoah, MASLOC CEO Soure: masloc.gov.gh
Source: UGC

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The Committee’s chairman, Dr. Mark Assibey-Yeboah, noted that several targets set by MASLOC for the year under review were not met.

Per a report by classfmonline.com, this was during his presentation of the Committee’s report on the budget performance of the office of government machinery for 2019.

Dr. Assibey-Yeboah also revealed that the Committee received information that during the period under review, the office of the government machinery faced challenges.

The challenges included budgetary allocation, arbitrary use of the budgetary allocation and inadequate capacity of key implementers.

This, he said, left the office incapable of effectively executing its programme of activities as approved by parliament.

In other news, COCOBOD has announced it has received $200 million out of the $600 million to improve cocoa production.

With observers all over the globe witnessing the event, a ceremony was held in Accra to mark the receipt of the fund.

YEN.com.gh understands that the board intends to use the funds to increase cocoa yields per hectare and increase Ghana’s overall production.

READ ALSO: Banks need a 'miracle' to stay in business - Banking expert

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