Don’t interfere in day-to-day administration of institutions – Senior Minister advises boards

The Senior Minister, Yaw Osafo Maafo, has urged boards of state corporations to desist from interfering in the day-to-day administration of the institutions.

He said best corporate governance required boards to concentrate on formulating policies and ensuring that management of the corporations implemented those policies.

However, he said some boards engaged in direct administration of the institutions they served, creating unnecessary conflicts in the institutions.

The situation, he added, was of concern to President Nana Addo Dankwa Akufo-Addo.

The Senior Minister said this yesterday when he inaugurated a 10-member board to provide leadership and direction to the Micro and Small Loans Centre (MASLOC). 

They are Seth Adjei Baah, chairperson, Stephen Amoah, the chief executive of the center, Philomena Oyere, Susana Delali Akosua Kudjoe, and Dr Michael Asante.

The rest are Frank Norteye Kwame Adofo Koramoah, Comfort Osei, Mercy Adu-Gyamfi, and Nana Domtie Onwona-Kwakye

Mr Osafo Maafo urged the members to use their experience and expertise to provide the right leadership for the centre.

He said about 72 per cent of the country’s economy was made up of micro and small scale enterprises and stressed the need for MASLOC to support that section of the economy.

The ‘big giants’ in the economy, he said, comprised only 30 per cent of the entire economy and urged MASLOC not to allow the 70 per cent of the enterprises to fail.

The Senior Minister also entreated the board not to focus only on giving out loans but assist the centre to provide business advisory services to their clients 

“From time to time, you should get customers together and teach them how to run their businesses,” he said and urged them to make training part of their services to customers.

Mr Osafo Maafo touched on a call by President Akufo-Addo for MASLOC to allocate 50 per cent of its loans to women and commended them for adhering to that direction. 

Currently, he said about 70 per cent of loans had been given to women and commended the management of the centre for that.

He noted that the government had allocated an amount of GH¢200 million in this year’s budget to put the centre in a liquid position to enable it provide credit facilities for small and micro businesses.

The Senior Minister entreated the board to recognise the new regions with the allocation of funds, adding, “Disbursement must be equitably distributed.”

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