According to a statement attributed to Comfort Doyoe Cudjoe Ghansah, Ghana’s Minister of State in charge of Social and Allied Institutions, local fishing communities in the Greater Accra region will be offered microfinance loans from the Microfinance and Small Loans Centre (MASLOC), the apex body in charge of implementing the Ghanaian government’s microfinance initiatives. It is reported that fishermen and women in the region have complained that privately-owned financial institutions charge unaffordable interest. Ms Ghansah reportedly urged MASLOC loan recipients to focus on repayment to ensure that funds would be available for future loans. The interest rate, the size of the loans and the number of loan recipients have not been disclosed.
MASLOC issues loans with 24 percent annual interest rates and repayment terms of six months to seven years depending on the loan size. In 2011, MASLOC sought to lend GHC 23 billion (USD 16 million) for on-lending by third parties and GHC 11.5 billion (USD 8 million) for small retail loans.
By Brian LeBlanc, Research Associate
Sources and Additional Information
SpyGhana article, “MASLOC to Support Fishmongers to Improve their Business,” http://www.spyghana.com/masloc-to-support-fishmongers-to-improve-their-business/
MicroCapital story, July 14, 2011, “Defaults, Questionable Disbursements at Microfinance and Small Loans Centre (MASLOC) Slow Microfinance in Ghana,” https://www.microcapital.org/microcapital-brief-defaults-questionable-disbursements-at-microfinance-and-small-loans-centre-masloc-slow-microfinance-in-ghana/
MicroCapital story, November 16, 2010, “Microfinance and Small Loans Centre (MASLOC) to Disburse $24m to Cover All Regions of Ghana During 2011,” https://www.microcapital.org/microcapital-brief-microfinance-and-small-loans-centre-masloc-to-disburse-24m-to-cover-all-regions-of-ghana-during-2011/
MicroCapital story, December 19, 2007, “’The Micro Finance and Small Loans Fund’ in Ghana Disburses USD 7.5m Loans in Three Months,” https://www.microcapital.org/microcapital-story-%E2%80%98the-micro-finance-and-small-loans-fund%E2%80%99-in-ghana-disburses-usd-75m-loans-in-three-months/
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