The Citizens Movement against Corruption has suggested transforming the Microfinance and Small Loans Center (MASLOC) into a digital lending platform. MASLOC was initially set up to offer quick, accessible micro and small loans to startups and small businesses to enhance business growth and stimulate job and wealth creation.
However, recent events involving the imprisonment of former MASLOC CEO, Sedina Tamakloe, for causing financial loss to the state have raised concerns about MASLOC’s credibility.
In response to these developments, Edem Senanu, co-chair of the Citizens Movement against Corruption, emphasized the need to prevent organizational decisions from being influenced by political or external entities. He proposed a restructuring of MASLOC’s leadership selection process, advocating for key positions to be filled through an independent screening process rather than political appointments.
Mr. Senanu underscored the importance of appointing technocrats with the relevant expertise and ensuring their independence from political affiliations to maintain MASLOC’s integrity and effectiveness in supporting small businesses and startups. He also suggested that MASLOC should transition into an entity that lends to private sector entities with a successful track record in professional fund disbursement.
Furthermore, Mr. Senanu recommended that the government should act as a facilitator for on-lending, rather than directly issuing loans. This approach, he believes, would benefit Ghanaians overall by ensuring that funds are allocated to private sector entities capable of responsibly managing the disbursement process.
In conclusion, Mr. Senanu stressed the importance of separating the government from direct involvement in loan disbursement and promoting a system where private sector entities with proven expertise in fund management play a crucial role in supporting small businesses and startups in Ghana.
