The Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Abigail Elorm Mensah, has disclosed that the institution is owed debts exceeding GHS430 million.
Speaking on Eyewitness News on Wednesday, September 10, she revealed that only a small portion of the debt has been recovered in recent months.
“Between February and now, I have recovered roughly about GHS8 million,” she said.
“But that is not even up to 10% of what is in debt. We have indebtedness of over about GHS430 million. The default rate is very high.”
Mensah further indicated that some borrowers have been served notices, while others have had their cases reported for further action.
She cited one case involving former Member of Parliament Catherine Afeku.
“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 said.
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Source:Lovinghananews.com
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