MASLOC earmarks 163 billion cedis towards NYEP

Kumasi, March 3, GNA- Dr. John Kofi Agyekumhene, Chief Executive of the Microfinance and Small Loans Centre (MASLOC), has said that the centre has earmarked 163 billion cedis this year towards the National Youth Employment Programme (NYEP) to enable the youth to be employed and contribute meaningfully towards the socio-economic development of the nation.

He mentioned some of the programmes to be undertaken by the youth as the cultivation of Jatropha for bio-diesel, aqua culture, Guinea fowl production, mining, quarrying and low-cost housing. Dr. Agyekumhene announced this at a workshop organized by the Ghana Journalists Association (GJA) on providing credit to micro small enterprises for small-scale industrialists and media practitioners in Kumasi on Friday.

It was under the theme 93Promoting Credit to Micro Small Enterprises- Role of Microfinance and Small Loans Centre (MASLOC). He also said MASLOC has developed a special scheme for People with Disability and that 5.7 billion cedis would be given to them as loans to expand their businesses as well as 3 billion cedis to the Borstal Institutes and Ex-convicts as loans, which would be disbursed through the Department of Social Welfare.

Dr Agyekumhene said arrangements were far advanced for the scheme to take-off this year, adding that the necessary structures were being put in place to support small-scale industrialists with loans to expand their businesses.

He said poverty is a major obstacle facing the country and hoped that access to sustainable financial services was certainly an effective means of poverty reduction.

The Chief Executive stated that under the scheme, small-scale industrialists could be supported with loans ranging between 250,000 cedis to 250 million cedis either individually or in groups Dr. Agyekumhene further said Regional Offices for MASLOC have been established in the 10 regions headed by co-coordinators in addition to employing 535 district extension assistants who are to act as contact persons through whom applications would be channelled. He assured that adequate measures would be put in place by MASLOC to ensure that the beneficiaries of such loans pay them on time to avoid loan delinquency.

Mr. Bright Blewu, GJA General=96Secretary on his part said the workshop was the fourth in a series organized by the Association and other stakeholders to improve on the performances of small-scale industrialists in the region. He appealed to media personnel to highlight on issues that would enhance the activities of small-scale enterprises to enable them to contribute meaningfully towards the socio-economic development of the country. 3 March 07