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Over GH¢100 Million being loans given to beneficiaries have still not been recovered by Microfinance and Small Loans Centre (MASLOC).

A chunk of the amount that was given out under the erstwhile National Democratic Congress (NDC), regime without following due processes according to Chief Executive Officer (CEO), Mr. Stephen Amoah.

“Our debt portfolio currently stands at over GH¢100 Million and greater part of the amount was given out under the erstwhile government. They failed to follow the due processes in granting the loans to beneficiaries who are party cronies,” he revealed on Okay Fm.

He disclosed that some of the tricycles and that were purchased and given out on hire purchase were equally overpriced making it impossible to sell off the current stock.

“The tricycles we have are overpriced and we cannot even sell them in the open market. Kwame, I can tell you that the NDC wreaked serious havoc to this country and if we had allowed them in office for another term, the country would have gone on its knees,” he disclosed.

He said the Debt recovery was among other factors a major challenge crippling the Microfinance and Small Loans Centre (MASLOC) in the erstwhile National Democratic Congress (NDC) administration.

Mr Stephen Amoah accused the NDC of politicizing operational activities of MASLOC as cronies of the then government were allowed to access loans from the state agency without following due processes in contracting such loans.

The CEO stated that a fact finding exercise conducted revealed that “orders from the seat of government to officials compelled officers to give loans to unqualified people who are largely members of NDC which affected their operations negatively”.

Mr. Stephen Amoah promised to review the criteria assessment to make qualified persons to benefit from the scheme irrespective of their political affiliation.

“I will work to change things and make it MASLOC Ghana; Not MASLOC NPP or NDC,” the CEO promised.

He also promised to review the odd plans to enable every Ghanaian to have access to the loans as part of government’s plans to eradicate poverty by establishing centres at market places for small and large scale business people to have direct access to the loans