The Executive Director of the Micro Credit Association of Ghana, Ebenezer Quartey, has emphasised the need for a comprehensive reassessment of the Microfinance and Small Loans Centre (MASLOC).
Speaking on Joy News’ AM Show, Mr. Quartey argued that the current approach to MASLOC’s operations may not be as effective as it could be in supporting small businesses across Ghana.
“I believe it’s time we take a fresh look at MASLOC,” Mr Quartey stated, adding, “We need to rethink how the organisation operates to ensure it’s better equipped to help small businesses thrive.”
Mr. Quartey also drew attention to how other countries, particularly Uganda, have successfully utilised microfinance institutions to promote the growth of small and medium-sized enterprises (SMEs).
“What Uganda has done is leverage microfinance institutions to provide funding to SMEs, which has helped not only the businesses but also boosted their economy as a whole,” he explained. “This is the kind of model we should be looking at: providing funds to support SMEs and fostering economic growth at the same time.”
During the discussion, Mr Quartey highlighted the broader economic benefits of such initiatives. He stressed that creating jobs and supporting entrepreneurship is key to national development.
“We’re not just creating employment opportunities; we’re also contributing to the country’s GDP,” he said. “By strengthening small businesses, we can significantly boost our economy.”
MASLOC, a government agency tasked with providing microcredit and small loans to start-ups and small businesses in Ghana, has an important role to play in economic development.
However, he believes that a revamp of the agency could enable it to better fulfil its mission of driving growth and job creation.
Source: myjoyonline.com