The Western Region Office of the Microfinance and Small Loans Center (MASLOC) has disbursed loans to some 625 petty traders in Takoradi.

Each person received GH¢1,000 to help them continue with their trading activities.

“Government cannot employ all Ghanaians. So, one of the many initiatives it has initiated aimed at bringing financial independence to the masses is to give soft loans to especially petty traders. So, these monies we are giving to these women is to support them in their trading activities,” Western Region Director of MASLOC McDaniels Nyame said.

At a ceremony to hand over the cheques to the traders, Mr. Nyame explained the beneficiaries were drawn from the various associations from all markets in Takoradi.

He said leaders of the various associations were made to apply on behalf of their members.

“These associations exist in the various markets already. They have their leaders and are very organized. There is a chairperson, secretary and treasurer. They were made to apply. After, we assessed their applications, looked at what each member sells and based on the assessment gave out the money.”

Mr. Nyame rubbished claims that the beneficiaries were sympathizers of the ruling government.

According to him, the loan is not free and that the beneficiaries are expected to pay back in six months’ time. He warned that any beneficiary who defaults will be penalized.

“We are appealing to the beneficiaries to pay back and on time. This way, we can continue to give them and other petty traders loans. The idea is to extend this to other districts and it will be the monies they pay back that we will use to do that. We know the stores of all these beneficiaries. So, it will not be a challenge locating any of them if there is a payment default.”

Some of the beneficiaries applauded the government for the support and pledged to pay back to enable others to also benefit.