Investigations into the Microfinance and Small Loans Centre (MASLOC) revealed alleged financial irregularities totaling more than GHS 25 million during the tenure of former Chief Executive Officer, Sedina Christine Tamakloe Attionu. These findings, which covered the period between 2013 and 2017, formed the basis of 78 criminal charges against her.
The alleged irregularities stemmed from a pattern of activities across four key areas of MASLOC’s operations. These included investments in microfinance companies, a financial literacy program, support for Kantamanto fire victims, and the procurement of vehicles and other items. State agencies, including the Economic and Organised Crime Office (EOCO), conducted audits and investigations that uncovered these issues.
This case highlights persistent challenges in public financial management and accountability within Ghana's state-owned enterprises. Such incidents can erode public trust and divert crucial resources from intended development initiatives. The efficient and transparent use of public funds is vital for Ghana's economic stability and growth, particularly for institutions designed to support small businesses and vulnerable populations.
Private legal practitioner Samson Lardy Anyenini explained how the criminal case was built around these alleged financial irregularities. He noted that the investigations did not focus on a single transaction but on a series of suspicious activities. These activities included the alleged demand for cash instead of a cheque for a GHS 500,000 investment refund from Obaatanpa Microfinance.
One significant area of concern was a financial literacy program for MASLOC beneficiaries, for which about GHS 1.7 million was approved. Prosecutors alleged that only GHS 1,300 was spent, with the remaining funds misappropriated. Another instance involved GHS 1.5 million allocated for Kantamanto fire victims, where more than GHS 500,000 was allegedly lost or not used for its intended purpose.
The procurement of 350 vehicles for MASLOC also drew scrutiny. The prosecution alleged that vehicles were purchased at inflated prices, causing substantial financial losses. For example, Chevrolet Isuzu vehicles were allegedly bought at nearly GHS 75,000 each, despite an estimated market value of about GHS 47,000. Similarly, 37-seater Isuzu buses were reportedly acquired for over GHS 440,000 each, compared to an estimated market price of about GHS 150,000.
Concerns also arose over the procurement of dual-SIM mobile phones. MASLOC allegedly paid nearly GHS 93,000 for devices with a market value of about GHS 24,000. The prosecution estimated that these alleged inflated contracts resulted in a direct loss of more than GHS 22 million to the state. Additionally, the former CEO and her deputy were accused of receiving unauthorized end-of-tenure benefits, with Sedina Tamakloe allegedly receiving over GHS 270,000 in unapproved payments.
The allegations, according to prosecutors, amounted to an estimated direct loss of more than GHS 25 million to the state. There were also commitments of over GHS 61 million through what were described as unapproved supply obligations. These findings formed the basis of the criminal charges filed against Sedina Tamakloe and her operations manager. However, after years of legal proceedings, the Court of Appeal later acquitted and discharged the former MASLOC CEO, concluding a case that raised critical questions about public financial management and accountability.
The outcome of such high-profile cases often influences public perception of corruption and governance. It also shapes future policy decisions regarding oversight and internal controls within state institutions. Decision-makers will continue to face pressure to demonstrate robust financial management practices across all government entities to prevent similar occurrences.