MASLOC Owed Over GHS430 Million - CEO

The Ceo of the Microfinance and Small Loans Centre (MASLOC), Abigail Elorm Mensah, has revealed that the centre is grappling with a significant loan recovery crisis, with over GHS430 million in outstanding debts. In an interview on Wednesday, September 10, she disclosed that despite recent efforts, only a small fraction of the owed amount has been retrieved.

Between February and now, I have recovered roughly about GHS8 million,” she stated. “But that is not even up to 10% of what is in debt. We have indebtedness of about GHS430 million. The default rate is very high. As part of ongoing efforts to address the high rate of loan defaults, the MASLOC CEO also cited instances of serving defaulters with notices.

She mentioned a case involving former Member of Parliament, Catherine Afeku, stating that “There was another situation where the former MP Catherine Afeku she brought some groups and they came for the loan. She gave them a different account instead of a MASLOC account to pay the monies into. She added that this and similar cases have been referred to the Attorney General’s office for further investigation and possible legal action.