Dr Kwabena Duffuor, Minister of Finance and Economic Planning said in 2012, government will strengthen the fiscal decentralization process by transferring resource allocation functions to the local authorities as a way of deepening democratic governance at the grassroots.

Government will also undertake other major activities including the review and implementation of the intergovernmental fiscal framework drafted in 2008 and the introduction of social accountability systems into the Public Financial Management System at the local level.

He said Government will also undertake direct releases to MMDA’s treasuries to minimize delays in transfer of funds to MMDAs; review all funds transfer systems to ensure that indicative budget allocations from central level were timely communicated.

The Finance Minister said the actual transfer of grant allocations were in accordance with more predictable transfer schedules developing a formula for sharing ceilings between MDAs and the decentralized departments of the MMDAs.

He said US$3.0 billion loan facility from China Development Bank (CDB) would be utilized to reduce the infrastructural deficit of the country.

On the specific projects, the Finance Minister identified the Accra Plains Irrigation Project; Coastal Fishing Harbours and Landing Sites Project; Tema-Akosombo-Buipe Multi-modal Transportation Project; and Western Corridor Gas Infrastructure Project to be undertaken.

Others are a Helicopter Surveillance Fleet for Western Corridor “Oil Enclave”; development of ICT Enhanced Surveillance Platform for Western Corridor “Oil Enclave”; Western Corridor “Oil Enclave” Road Re-development Project; and Western Railway Line Modernization.

The rest are Takoradi Port Rehabilitation and the Sekondi Industrial Estate.

Government has voted GH¢35 million for the Microfinance and Small Loans Centre (MASLOC) in 2012, Dr Kwabena Duffuor, Minister of Finance and Economic Planning announced on Wednesday. Presenting government’s 2012 financial statement to Parliament in Accra on Wednesday, the Minister said, the funds would enable MASLOC to continue to support the value chain processes through the provision of loans and in collaboration with Ghana Export Promotion Authority, find markets for agro-processed products and the fishing sector.

In an interview with the Ghana News Agency in Accra, Miss Bertha Ansah-Djan, Chief Executive Officer of MASLOC, who expressed gratitude to government for the vote, announced that the Centre would engage in a number of income-generating projects in 2012.

She said one of the projects the Centre would undertake would be to provide quick funds to mechanics to enable them to purchase modern gadgets to diagnose and repair contemporary mechanically-faulty vehicles.

In addition, Miss Ansah-Djan said the Centre would vigorously pursue fish farming activities to encourage farmers to engage in hatchery for the production and breeding of fingerlings.

She said it would continue to provide microcredit facilities to small businesses especially women to accelerate employment creation and income generation for poverty reduction and shared goals.

Miss Ansah-Djan said MASLOC would provide support to economic activities at the agro-processing sector to make them viable and sustainable.

She observed that the government was committed towards providing microfinance to enable the private sector to serve as the engine of economic growth and to reduce poverty.

Miss Ansah-Djan said the 2012 budgetary allocation showed that the government had confidence in the management of MASLOC, stating that the bad perception people had about the Centre had changed.

She said MASLOC management had prudently managed the funds allocated to the Centre in 2011, adding a lump sum of loans had been “recovered and recycled.”

MASLOC was established to provide, manage and regulate on fiduciary basis, approved funds for microfinance and small scale credit schemes and programmes.

The Centre targets mainly the productive poor and vulnerable in society, including women, physically challenged and youth, who are engaged in micro and small scale businesses to provide ready micro-credit facilities to reduce poverty and create employment and wealth.

MASLOC provides micro-credit or group loans, small loans, wholesale lending to microfinance institutions, Ministries, Departments and Agencies and rural banks for on-lending to the productive poor.

Economic activities funded by the Centre included food crops, agro-processing, poultry, micro-enterprise, vocations, handicrafts, fish farming and agriculture machinery.