The Microfinance and Small Loans Center (MASLOC) has failed to recover about ¢304.345 million loans disbursed to customers, the 2022 Auditor-General Report has revealed.

These unpaid loans are cash advances and loans disbursed into poultry project, vehicles, tractor, tricycle, and PINCO Project as of December 31, 2020.

The Auditor-General therefore recommended that Management of the Centre intensify its efforts to recover the outstanding receivables.

The report again found out that management of the Centre made investments totalling ¢623.333 million.

However, these investments were still locked up with the Receiver as of December 31, 2021.

The Auditor-General therefore urged management to dialogue with the Receiver to redeem the investment.

Again, the report’s review of the accruals in the financial statements disclosed that an amount of ¢12.741mmillion was owed to Ghana Revenue Authority (GRA) and Social Security and National Insurance Trust (SSNIT) as of December 31, 2020.

The Auditor-General also urged management to take steps to pay all outstanding statutory deductions. It again recommended to management to ensure that all deductions for PAYE and pension contributions are paid on the time as stipulated by Acts 896 and 766.

Yet again, it noted that an imprest of ¢1.572 million given in 2016 for monitoring and sensitisation activities in the various regions remained unretired as of December 31, 2021.

The vouchers for these payments were also not provided for audit scrutiny.

It therefore recommended that the amount should be recovered from the responsible officers.