Traders at the Odawna Market in Accra heaped a sigh of relief when the Microfinance and Small Loans Centre (MASLOC) announced its intention to offer them financial support following Wednesday dawn, November 18, 2020 fire outbreak.
MASLOC officials visited the Odawna Market on Friday, November 20, 2020, to assess the extent of the damage caused by the fire outbreak.
During the visit, African Entertainment discovered several damaged goods including beverages.
And Board Chairman of MASLOC, Seth Baah Acheampong, told the traders to remain, indicating that help was on the way.
Speaking to the traders, Mr Acheampong noted that MASLOC’s Board will meet this coming Tuesday to among other things, determine how much loan to give the market women who lost their goods and stalls to the fire.
According to him, the loans will be interest free and will have a one year moratorium.
Speaking to African Entertainment, the Deputy CEO of MASLOC in charge of Operations, Abibata Shanni Mahama, said over 80 percent of MASLOC’s funds are provided to women.
According to her, upon assuming office in 2017, the NPP Government realized that interest on loans offered to traders by MASLOC was 24 percent.
She explained that a decision was immediately taken to reduce the interest rate to 12 percent.
According to her, efforts have been made to ensure the right traders who became victims of the fire outbreak benefit from the loans to be provided.
The fire outbreak occurred on Wednesday dawn, November 18, 2020. Hundreds of stalls were burnt.
In January 2019, a similar fire outbreak at the Odawna Market resulted in the destruction of some 80 stalls.
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