BE FINANCIALLY DISCIPLINE

Story: Moses Dotsey Aklorbortu, Enchi
The lack of financial discipline on the part of some loan beneficiaries has been identified as the major setback for the development of Micro Finance and Small Loan Centers (MASLOC).
The Aowin Suaman District Chief Executive, Mr Osca Ofori Larbi, who made the call, said it was not possible for everyone with brilliant business ideas with the accompanying funds to execute it.
“But we should also be aware that those funds are not for free and we have to pay back to enable others to also benefit and to also keep the source in business,” he said.
Therefore MASLOC which was to provide some amount of funding for people in the communities to start business should not be seen as gift money.
The chief executive said those, who had benefited from the amount of GHc72,000 which was disbursed under the MASLOC few months ago should make sure the money is paid with the stipulated time.
The DCE said the strategy was to improve the local economy and to identify those who the poor were, where they live, and which aspects of activities needs financial support.
Mr Larbi said people who had benefit from the fund should make an effort to pay back for others to access.
He said it becomes extremely difficult for funds such as MASLOC to reach other people when previous beneficiaries refused to honour their loan obligations.
He used the opportunity to educate the people who would benefit from the fund to ensure that they did not go beyond repayment time.
Mr Larbi urged the beneficiaries to misapply the loan so ensure that in the end they would be able make some money for themselves and to pay back.