The Microfinance and Small Loans Centre (MASLOC) Ghana has provided cash support to over 567 persons in the Ashaiman Municipality of the Greater Accra Region as part of the effort by the government to raise the living standard of most Ghanaians.
According to Emmanuel Chapman Kodam Takyi, the Ashaiman Municipal Coordinator of MASLOC, the support is to expand the businesses of beneficiaries who are doing petty trading to make a living.
He said that the application of 38 groups made up of 25 persons in each group had been processed at Ashaiman and 24 of the groups had received their cash for trading.
“Each group is given GH¢25,000 to be distributed among the 25 persons; that is GH¢1,000 per person,” he said.
“In November 2018, five groups were processed and had their money in April 2019. The five groups that received the first tranche of the money are due to finish repayment in November 2019 at an interest rate of 2 per cent monthly for six months. Three people out of the 125 persons that were qualified to take the money in April didn't show up,” he added.
He also said that in May, 20 groups were worked on and 19 received their money in October.
Ashaiman is expecting some 14 cheques. That is 13 for the groups that was worked on in August 2019 and one outstanding from the May groups.
He said the municipality was one of the highest MASLOC beneficiaries.