The average lending amount by the Microfinance and Small Loans Centre (MASLOC) to groups has shot up by over 200 percent over the past three years under the Akufo-Addo government, ABC News can report.
Accumulatively, between 2017 and 2019, MASLOC disbursed about GHC81, 327, 800 as loans to groups across the country whereas between 2009 and 2016 when the National Democratic Congress governments of Atta Mills and John Dramani Mahama were in power, a total of GHC68, 095, 206 was distributed to the same category of beneficiaries.
Averagely, throughout the 8-year administration of the NDC governments, only GHC8511900, yearly on average, was disbursed as loans to groups for business purposes.
Under the 3-year governance of President AKufo-Addo, the average yearly disbursement to groups to support their businesses has witnessed a 218% increase, representing GHC27, 109, 266.
Over the past three years, however, the said amount was loaned to 91, 219 beneficiaries – 75, 839 women groups, 15380 men groups.
Additionally, from the facts gathered from MASLOC data, the total amount of amount disbursed to all beneficiaries as loans has seen a significant increase from 2017 to date, with the figure currently standing at about GHC158, 091, 496.
Over the 8 years of the NDC rule, however, GHC147, 947, 406 was disbursed.
This means that in three years of the Akufo-Addo government MASLOC has disbursed over GHC10 million of the loans they gave out in 8 years of NDC rule.
MASLOC since the Akufo-Addo government came into power in 2017, has reduced the lending rate on loans from 2% to 1%, monthly.
Cumulatively, 92, 436 beneficiaries have been recorded during the 3-year administration of the Akufo-Addo government whiles the NDC governments of Atta and John Dramani Mahama supported 166, 337 beneficiaries through MASLOC.
MASLOC was set up to provide loans for start-ups and small businesses with fast, easy and accessible microcredit and small loans to grow and expand their enterprises.