Sedinam Tamakloe, former CEO of the Microfinance and Small Loans Centre (MASLOC), has been handed a 10-year prison sentence with hard labor, while Daniel Axim, former COO, has been jailed for five years with hard labor. This verdict comes after they were found guilty on 78 counts, including causing financial loss to the state, theft, conspiracy to steal, money laundering, and causing loss to public property.
The trial, which has been ongoing since 2019, reached its conclusion with six witnesses testifying for the state. Tamakloe, tried in absentia after leaving the country for medical reasons, and Axim, who testified in person but did not call any witnesses, faced charges related to the misappropriation of funds intended for MASLOC activities between 2013 and 2016.
The convictions stem from various instances of financial misconduct, including withdrawing GH¢500,000 as a loan for Obaatampa Savings and Loans at a 24% interest rate, despite evidence of a refund not being reflected in MASLOC’s accounts. Additionally, over 1.7 million Ghana cedis earmarked for a sensitization exercise saw only GH¢1,300 dispersed for the intended purpose, with the rest misappropriated.
Similarly, out of 1.4 million cedis meant for Kantamanso fire victims, only GH¢579,800 was disbursed, highlighting further instances of financial mismanagement. The case also uncovered overpayments for vehicle and Samsung phone purchases, with amounts exceeding market prices despite being bought in bulk.
The sentencing of Tamakloe and Axim underscores the seriousness of their offenses and serves as a warning against financial misconduct within public institutions. It reflects the commitment of the judiciary to uphold accountability and transparency in governance, safeguarding public funds from abuse and misappropriation.
As Ghana continues its fight against corruption and strives for greater accountability in public service, the verdict sends a clear message that individuals entrusted with public resources will be held accountable for their actions. The repercussions of their misconduct extend beyond their personal fates, impacting public trust and confidence in the integrity of governmental institutions.
Moving forward, the sentencing of Tamakloe and Axim serves as a reminder of the importance of stringent oversight and accountability mechanisms to prevent similar instances of financial misconduct in the future. It underscores the need for robust governance frameworks and mechanisms to ensure the prudent and transparent management of public funds for the benefit of all citizens.