MASLOC disburses GH¢4m to about 200 market traders in Kumasi

More than 200 market women in Kumasi have received government support through the Microfinance and Small Loans Centre (MASLOC) to expand their businesses and create employment opportunities.

The beneficiaries, who trade at major markets including Bantama, Kejetia, Kumasi Central Market and Racecourse, have pledged to repay the loans on schedule to enable other traders to benefit from the scheme.

Speaking to Adom News, the Deputy Director in charge of Operations at MASLOC, Vivian Owusu Asante, disclosed that the centre had disbursed an initial tranche of GH¢4 million to about 200 traders in Kumasi.

She stressed that the loans were provided without political considerations, insisting that MASLOC was established to support eligible Ghanaians who need financial assistance to grow their businesses.

“We did not consider political affiliation before giving out the loans. MASLOC is a government institution established to support Ghanaians. Those who applied and qualified have received their loans, and we are still processing applications from others. Claims that MASLOC operates on political considerations are untrue,” she said.

Madam Owusu Asante identified the low loan recovery rate under the previous administration as one of the major challenges confronting the centre, adding that efforts were underway to recover outstanding loans.

“A lot of people took MASLOC loans but failed to repay them. We are working to recover the outstanding amounts. I am therefore urging all market women who have received the loans to repay them on schedule to enable other traders to benefit and expand their businesses,” she advised.

The MASLOC team toured the various markets to present cheques to beneficiaries whose loan applications had been approved.

Some of the beneficiaries who spoke to Adom News expressed gratitude to MASLOC, describing the loans as timely support that would help them strengthen their businesses.

They also commended the centre for what they described as flexible loan terms and conditions, urging other traders to take advantage of the scheme.

“Honestly, we thought the loans would not come because some of us support the NPP. Some of our friends suggested that people who did not belong to the party would not be prioritised. However, that has not been the case, and we have received our loans. Each of us received GH¢20,000,” a beneficiary said.

The traders have assured MASLOC of their commitment to repaying the loans within the agreed period, expressing confidence that the financial support would help them expand their businesses and improve their livelihoods.