50 celebs defaulting car payment MASLOC

MASLOC Boss

The Microfinance and Small Loans Centre (MASLOC) has announced its intention to address the issue of entertainment personalities who have failed to pay for cars they purchased on credit.

Maame Afua Akoto, Deputy CEO of MASLOC, urged in a Facebook post, "Please inform all celebrities with MASLOC cars to kindly rush to honor their obligations. The time is ticking. Tag and share."

MASLOC is a microfinance apex body tasked with implementing Ghana's government microfinance program aimed at reducing poverty and promoting job creation and wealth. As part of this program, some entertainment personalities received cars on loan.

In an interview on Daybreak Hitz with Andy Dosty on Hitz FM, Maame Afua Akoto confirmed that some celebrities had not made any payments since acquiring the cars.

She explained, "Over the years, Ghanaians have perceived MASLOC as a form of ex-gratia, and when they utilize our facilities, they tend to be sluggish in fulfilling their commitments. This time, for the sake of the institution and its intended beneficiaries, we are not going to take anything for granted. Regardless of who you are, we will ensure that you pay back what has been given out."

When asked to confirm reports that 22 cars were given to celebrities, Maame Afua Akoto clarified that more than 50 cars were actually distributed. She did not disclose the identities of the entertainment personalities but mentioned, "The cars are not 22; they are more than 50. I believe those in Accra alone exceed 50, and there are some in Kumasi. They also signed forms agreeing to make payments."

what are the duties of MASLOC

The Microfinance and Small Loans Centre (MASLOC) has several key responsibilities aimed at supporting small and micro businesses in Ghana. Here are some of their primary duties:

1. Providing Micro and Small Loans: MASLOC offers micro and small loans to start-ups and small businesses. These loans are designed to be fast, easy, and accessible, helping businesses grow and expand.

2. Promoting Job Creation and Wealth: By providing financial assistance, MASLOC aims to reduce poverty, create jobs, and promote wealth creation among Ghanaian entrepreneurs.

3. Supporting Women Empowerment: MASLOC places a strong emphasis on empowering women by providing them with loans and financial support. This helps enhance their decision-making power and overall socio-economic status.

4. Youth Support through Entrepreneurship: MASLOC supports the youth by promoting job creation and entrepreneurship. They offer programs and financial assistance to help young people start and grow their businesses.

5. Assisting the Physically Challenged: MASLOC provides support to physically challenged individuals who may face difficulties in accessing traditional financial services. They offer tailored financial solutions to help them start and grow their businesses.

6. Supporting Agro-based Industries: MASLOC provides credits to farmers and agro-based industries, helping to enhance food production and support the agricultural sector.

7. Ensuring Financial Inclusion: MASLOC aims to reach out to clients in the informal sector who are excluded from mainstream banking. They provide sustainable microfinance and small loans to ensure financial inclusion for all.

8. Enhancing Business Services: In addition to financial support, MASLOC offers business services to help entrepreneurs develop and grow their businesses.

MASLOC's mission is to support the growth and development of small and micro businesses in Ghana, contributing to the country's socio-economic development.

importance of Masloc to Ghana

The Microfinance and Small Loans Centre (MASLOC) plays a vital role in Ghana's socio-economic development. Here are some key reasons why MASLOC is important:

1. Poverty Reduction: MASLOC provides micro and small loans to individuals and businesses, helping to reduce poverty by enabling them to start or expand their ventures. This financial support empowers marginalized and low-income individuals to improve their livelihoods.

2. Job Creation: By funding small and micro enterprises, MASLOC contributes to job creation in various sectors, including agriculture, trade, and services. This leads to increased employment opportunities and economic growth in communities across Ghana.

3. Empowerment of Women: MASLOC places a strong emphasis on supporting women entrepreneurs. By providing them with access to credit and financial resources, MASLOC helps enhance women's economic participation and decision-making power, contributing to gender equality and women's empowerment.

4. Youth Entrepreneurship: MASLOC supports the youth by offering financial assistance and programs that promote entrepreneurship. This helps young people develop their skills, create businesses, and contribute to the country's economic development.

5. Support for the Physically Challenged: MASLOC provides tailored financial solutions to physically challenged individuals, helping them overcome barriers to accessing traditional financial services. This support enables them to start and grow their businesses, fostering inclusivity and social equity.

6. Agricultural Development: MASLOC provides credits to farmers and agro-based industries, enhancing food production and supporting the agricultural sector. This contributes to food security and rural development.

7. Financial Inclusion: MASLOC ensures that clients in the informal sector, who are often excluded from mainstream banking, have access to sustainable microfinance and small loans. This promotes financial inclusion and economic stability.

8. Capacity Building: In addition to financial support, MASLOC offers business services and capacity-building programs to help entrepreneurs develop their businesses. This includes training, mentorship, and business development services.

9. Economic Growth: By supporting small and micro enterprises, MASLOC stimulates economic growth at the grassroots level. This contributes to the overall development and prosperity of the country.

10. Government Initiatives: MASLOC aligns with the government's development goals and initiatives, ensuring that financial resources are directed towards sectors that need them the most. This strategic alignment helps achieve national development objectives.

MASLOC's contributions to Ghana's economy and society are significant, helping to uplift communities, empower individuals, and promote sustainable development.

why should Masloc be devoid of politics

The Microfinance and Small Loans Centre (MASLOC) plays a crucial role in Ghana's socio-economic development by providing financial support to small and micro enterprises. To ensure its effectiveness and integrity, it is essential that MASLOC remains devoid of political influence. Here are several reasons why MASLOC should be free from politics:

1. Impartiality and Fairness: When MASLOC operates without political interference, it can allocate resources and support based on merit and need rather than political affiliations. This ensures that deserving individuals and businesses receive the assistance they require, promoting fairness and equity in the distribution of resources.

2. Credibility and Trust: A politically neutral MASLOC fosters credibility and trust among beneficiaries and the general public. When people perceive MASLOC as an unbiased institution, they are more likely to engage with its programs and services, leading to greater participation and success in achieving its goals.

3. Efficiency and Effectiveness: Political interference can lead to inefficiencies and mismanagement within MASLOC. By keeping politics out of the organization, MASLOC can focus on its core mission of providing financial support to small and micro enterprises, ensuring that resources are used effectively and efficiently.

4. Sustainable Development: MASLOC's primary objective is to promote sustainable development by supporting small and micro businesses. Political influence can divert resources away from this goal, leading to short-term gains for political purposes rather than long-term development. A politically neutral MASLOC can prioritize sustainable development and the overall well-being of the economy.

5. Reduced Corruption: Political interference often opens the door to corruption and nepotism. By maintaining a politically neutral stance, MASLOC can minimize the risk of corrupt practices, ensuring that resources are allocated transparently and ethically.

6. Focus on Poverty Alleviation: MASLOC's mission is to reduce poverty and promote job creation and wealth. Political influence can shift the focus away from these objectives, leading to the misallocation of resources. A politically neutral MASLOC can remain dedicated to its mission, ensuring that its programs and services effectively address poverty and unemployment.

7. Inclusivity and Diversity: A politically neutral MASLOC can better serve a diverse range of beneficiaries, regardless of their political affiliations. This inclusivity ensures that all segments of society have access to financial support, promoting social cohesion and unity.

8. Accountability and Transparency: When MASLOC operates without political influence, it can uphold higher standards of accountability and transparency. This ensures that the organization remains answerable to its stakeholders and the public, fostering a culture of integrity and responsibility.

9. Long-term Stability: Political influence can lead to frequent changes in leadership and policies, disrupting the continuity and stability of MASLOC's programs. A politically neutral MASLOC can maintain consistent leadership and policies, ensuring long-term stability and success.

10. International Support and Partnerships: A politically neutral MASLOC is more likely to attract international support and partnerships. Donors and development partners prefer to work with institutions that operate transparently and without political bias, leading to increased funding and collaboration opportunities.

In my view, keeping MASLOC devoid of political influence is essential for its effectiveness, credibility, and ability to achieve its mission. By maintaining impartiality, transparency, and a focus on sustainable development, MASLOC can continue to play a vital role in Ghana's socio-economic growth and poverty alleviation efforts.

 

Source: societal vibz