- MASLOC is owed over GHS430 million in loans, with only about GHS8 million recovered since February.
- CEO Abigail Elorm Mensah cited high default rates and ongoing recovery efforts.
- Some borrowers have received notices, while others’ cases are being escalated.
- Former MP Catherine Afeku was mentioned in a controversy involving misdirected loan repayments.
The Microfinance and Small Loans Centre (MASLOC) is facing a massive debt crisis, with CEO Abigail Elorm Mensah revealing that borrowers currently owe the institution over GHS430 million. Speaking on Eyewitness News on September 10, Mensah disclosed that only about GHS8 million has been recovered since February—a fraction of the total owed.
Mensah explained that the default rate remains alarmingly high, prompting MASLOC to serve notices to some defaulters and escalate others for further legal action. She also cited a case involving former Member of Parliament Catherine Afeku, who allegedly directed loan repayments into a different account rather than the official MASLOC account.
The CEO emphasized the urgent need for stricter measures to recover funds and address persistent loan defaults.
