MASLOC, Association of Small Industries sign MoU to strengthen collaboration

The Microfinance and Small Loans Centre (MASLOC) and the Association of Small Industries (ASSI) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration.

The MoU will serve as the foundation for MASLOC’s support of ASSI.

Under the arrangement, ASSI will have access to digital credit facilities for its members, which will be provided through MASLOC.

This will help ASSI boost its loan recovery, as the microfinance and small loan centre will be able to target an identifiable and credible group of beneficiaries.

The MoU also seeks to maximize the effectiveness of both parties in monitoring and evaluating the credit facilities that will be disbursed.

This will help ensure that the funds are used effectively and that the beneficiaries are able to repay their loans.

MASLOC, as the apex body responsible for the implementation of the government’s microfinance programs targeted at poverty reduction, will use this new relationship with ASSI to collaborate with other development financial institutions to promote the micro and small-scale industry sector.

The MoU will strengthen efforts for both parties to leverage the partnership to support its member associations in areas such as funding, capacity building, and skills development.

This will help the associations grow and expand their businesses, which will in turn contribute to economic growth and job creation.

Speaking on the sidelines of the signing of the MoU, Hajia Abibata Shanni Mahama Zakariah, CEO of MASLOC, stated that the successful implementation of this agreement will help reflect the excellent mutual relations between ASSI and MASLOC.

She noted that the institution is ready to maintain its support for ASSI and many other institutions with shared interests.

The MoU comes on the back of a post-COVID-19 Development and Productivity Enhancement Project (PSDPEP), which is funded by the African Development Bank (AfDB) to the tune of $31.34 million.

The project is expected to create a total of 4,800 direct employment and 20,000 indirect jobs after its successful execution.

The PSDPEP is a five-year agreement between the Government of Ghana (GoG) and the AfDB.

It is expected to contribute to Ghana’s sustainable post-COVID-19 recovery in the health sector and support the restoration of livelihoods, income, employment opportunities, and private sector development.

The project-specific goal is to assist the development of health-related skills in higher education for the eventual improvement of Ghana’s healthcare delivery system.

The project will also encourage technical and entrepreneurship for employment creation among youth and women.

One component of the project will focus on rebuilding youth and women’s livelihoods through entrepreneurship and employment creation.

This component will provide sources of income among youth and women for them to recover from the socio-economic shocks or impacts of the COVID-19 pandemic.

The component will also involve the construction of up to four climate-resilient technical skills development centres.

These centres will provide technical and climate-smart skills training for women, youths, and other vulnerable groups in priority training areas such as agro-industries, construction skills (tiling, welding, plumbing, plaster of Paris), tourism, creative arts, hospital catering, and digital skills.

Source: Ghana Business