Plans are far advanced for the establishment of ‘Ghana Traders Bank’, President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has revealed.
He told Joy Business that the specialised bank will deal with the life-long challenge of high interest rates that face Ghana’s informal traders.
“The modules for the establishment of this bank will transform the face of access to finance for our traders. We are in talks with the Trade Ministry, the Bank of Ghana and several other stakeholders to ensure the smooth establishment of this bank,” Dr. Joseph Obeng noted.
Ghana’s informal sector forms about 90% of Ghana’s employment chain. Unfortunately, majority of informal traders lack access to finance and other credit facilities – leaving them with no option than to rely on informal credit companies that in turn place unbearable incomes of up to 30% on their loans.
According to Dr. Joseph Obeng, the phenomenon leaves the average Ghanaian trader less competitive and riddled in unbearable debt.
He is confident the coming on board of the ‘ Ghana Traders Bank’ will change the narrative for the better
Meanwhile, the Minister of Trade, Alan Kyeremanteng has hinted of the ‘Ghana Traders Bank’ to be established with the sole mandate of providing competitively cheap loans for Ghanaian traders.
Speaking to the trading community at the Central Business District of Accra, Alan Kyeremanteng stated that it was long overdue to embark on such an ambitious intervention.