Volta: Mr. Mawunyo Agbe, Volta Regional Manager of the Microfinance and Small Loans Centre (MASLOC), has announced that the institution will soon start publishing the names of loan defaulters to recover outstanding debts.
According to Ghana News Agency, Mr. Agbe, in a recent interview, highlighted his observation of a backlog of 'legacy loans' that remain unpaid despite several notices and final demand letters issued to beneficiaries. He stated that many clients continue to be reluctant in repaying their loans, even after receiving final demand notices. As a legal entity, MASLOC is now considering stronger measures, including publishing the names of defaulters at strategic locations such as markets, lorry parks, court premises, and other public venues.
Mr. Agbe clarified that the objective of this initiative is not to disgrace beneficiaries but to apply social pressure that might encourage them to repay their debts. He emphasized that MASLOC is a revolving fund designed to benefit all Ghanaians, and non-repayment hinders others from accessing loans to start businesses. He urged communities to assist by reminding relatives and colleagues whose names appear on the list to settle their debts and have their names removed.
He further revealed that over GHC 7 million in loans remain unpaid in the Volta Region, including over 118 tricycles, 2,000 hair dryers, sewing machines, vehicles, and other facilities distributed to beneficiaries. This non-payment is impeding the government's efforts to support small and medium enterprises (SMEs) and creating barriers for young people eager to access capital to start businesses.
Mr. Agbe pointed out that MASLOC facilities attract just one percent interest compared to commercial bank loans with rates of 23-33 percent, highlighting it as a unique government intervention since 2006 aimed at alleviating poverty. He called on the youth, media, and all Ghanaians to join efforts to ensure repayment so that others can also benefit from these opportunities.
