The sum is part of the GH¢304,345,925 advanced to the recipient firms during the period 2008–2020.
GH¢206,464,960.74 was given out as cash loans; GH¢27,033.51 went into a Poultry Project; GH¢74,206,593.01 was spent in cars; tractor acquisition took GH¢2,308,970.00; GH¢20,909,282.17 was loaned out for the purchase of tricycles; and the PINCO Project took around GH¢429,085.16.
Deputy Chief Executive Officer (CEO) of MASLOC, Paul Sarbeng, stated before the PAC in Accra yesterday that the unpaid loan had become a legacy obligation that MASLOC was keen to recover.
In this context, he stated that the management was adopting a plan of action targeted at collecting monies from debtors.
“Mr Chairman, this outstanding loans stem from 2008 to 2020. It’s an amount the centre is determined to collect and we are working on it.
“We developed a programme of action that resulted in the initial collection of GH¢11.4 million. We further made recovery amounting to GH¢1.4 million. The programme is yielding results and we hope to do more in the coming weeks,” he stated.
Currently, Mr Sarbeng stated that MASLOC had a loan recovery rate of around 55%, and that the COVID epidemic had a detrimental influence on enterprises, resulting in their inability to repay debts borrowed.
Unimpressed by the poor rate of recovery, PAC members expressed concern about MASLOC’s incapacity to recover outstanding debts and the usage of their funds.
Dr James Klutse Avedzi, Chairman of PAC, stated that the amount recovered thus far was negligible in comparison to the uncollected debts.
“You have collected only about four per cent of the total amount and that cannot be a job well done. This shows that MASLOC is not doing close to the recovery rate you told us.
“It is also a clear example that MASLOC is in trouble and you have no funds to operate or meet your mandate,” Dr Avedzi stated.
He directed the management of MASLOC to submit to the committee an annual breakdown of the outstanding loans to guide its recommendations.
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