Finance

55% of lenders have defaulted – MASLOC CEO

Abibata Zakariah says only GH¢90m of GH¢200 has been paid

Recovery of loans is one of my biggest headaches, Abibata Zakariah

MASLOC might be forced to resort to court actions to retrieve loans – CEO

CEO of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Mahama Zakariah, has indicated that 55 percent of lenders have failed to pay back the loans given to them by the centre.

According to her, out of the over GH¢200 million loans given out by MASLOC, only GH¢ 90 million has been paid representing only 45 percent of the total loans.

“Since 2017, under his Excellency Nana Addo Dankwa Akufo-Addo, GH¢ 204 million has been brought to MASLOC. Out of this, we have disbursed GH¢ 200,364, 504 and we could only recover GH¢ 90, 159,526.”

“That is my biggest challenge because we need to recover and do more things. A lot of people have applied and those who have been given the loans, once they repay, they can also take more but our recovery has been very very low,” she said in an interview on Asaase radio monitored by GhanaWeb.

The Chief Executive Officer (CEO) added that currently the recovery rate was only 45% and this hampered the ability of the centre to give loans to needy businesses.

She said repayment of loans was critical because it will help the centre give out more loans to help sustain and expand micro, small and medium scale businesses.

“I am hoping that by 2024 MASLOC should be able to recover about 84% of funds that have been loaned out,” she added.

She hinted that MASLOC will have to resort to court actions in other to be able to recover the loans should defaulters still refuse to pay.

MASLOC was set up by the government to provide micro, small and medium scale businesses with loans to start and expand their business with the aim of reducing poverty in the country.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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