The Microfinance and Small Loans Centre (MASLOC) has announced that small businesses at the regional and district levels are expected to benefit from a GH₵38m facility to be advanced by the Centre this year.
According to MASLOC, this is aimed at enabling prospective beneficiaries to shore-up their businesses as part of the Centre’s programme of activities for the New Year.
The Deputy CEO of MASLOC, Maame Afia Akoto made the disclosure while delivering a speech at the Rotary Club of Accra – Tesano networking symposium on: Manufacturing in Ghana – Challenges & Opportunities on Monday January 29, 2018
She noted that research published in the Journal of Economics and Sustainable Development indicates that the business advisory services offered by MASLOC to beneficiaries were identified to have improved the enterprises’ micro and small-scale enterprises’ (MSEs) customer relations and attractions.
All these, MASLOC noted has culminated into increases in earnings averaging 46.9%.
Maame Afia Akoto further said, currently, MASLOC has fully furnished offices at all the Regional Capitals and intends expanding our frontiers to cover virtually every corner of the country. To this end, MASLOC plans to set up offices in each district to interface better with Ghanaians by the year 2020.
“By the end of the year also, we want to extend our operations to about 70% of districts in the country with well-established offices in each district, and by 2020, MASLOC intends to have an office in each district in the country. This will also allow our clients and potential clients have swift access to the center.”
She also applauded government’s bold initiatives in the 2017 Budget Statement and Economic Policy that seeks to support industrial development generally, and the manufacturing sector in particular, need to be applauded.
Maame Afia Akoto cited some of the special initiatives put in place by Government to support the sector which include:
Flagship Industrial Development Initiative – Government intention and initiative to establish stimulus packages to revive and support ailing industries and newly established ones need to be commended. Industry players should urge Government to carefully design and implement the package in order to achieve the desire results.
Industrial Development Fund (IDF) – the propose establishment of IDF is a welcome development to the sector. This fund intends to give medium to long term facility for business financing. The seed capital for this fund is pegged at a whopping US $ 2 billion. The fund could also be linked to the Association of Ghana Industries (AGI) propose Industrial Development Bank which is nearing completion now. This is expected to cater for the financial needs of SMEs which constitute about 70% of the manufacturing sector.
This current administration is also considering setting up a US $ 100 million package to fund the National Entrepreneurship and Innovation Plan (NEIP) to support young entrepreneurs grow their businesses.