The Coastal Development Authority (CODA) has set up a credit union to provide soft credit facilities to market women, petty traders, commercial drivers, hawkers and fishermen.
According to the Chief Executive Officer of Coastal Development Authority, Mr. Jerry Ahmed Shaib, this initiative when executed will help eradicate poverty in the society.
“It is not all about considering industry players but also to eradicate poverty in the society”.
Speaking in an interview, Mr.Shaib explained that, the programme will compliment government’s infrastructure on Poverty Eradication Programme (IPEP) and also provide administrative assistance to small and micro enterprises.
“This is brain child of the board, and under the directive of the government; Infrastructure of Poverty Eradication Programme”.
According to him, a trader may own big shops, markets and infrastructure but resources are needed to fund and run these businesses on day-to-day basis.
Expressing CODA’s commitment to ensuring seamless facilitation of loans to these businesses, Mr. Shaib urged traders to be part of the credit union process as they are deemed major contributors to the success of the organization and its projects.
As explained by him, the organization will be supporting via the disbursement and payment of monies to these businesses.
“CODA has the view of supporting the traders and by doing this, making them the owners of the project and being the owner of the business means you have to contribute toward of the business.
“Just like several banks and small micro finance institutions are failing, if you are the owner of a programme, you won’t let it fail so that is the brain behind this programme”.
Justifying the overtures of help to these businesses, the president of the Greater Accra Market Association, Madam Mercy Naa Aforiwa Needjan, corroboratively stated that the traders have suffered the scourge of the Covid -19 pandemic, and as such deserve it.
“Trades were asked to stay at home and also others were relocated to parks which made the transaction of business very difficult which has led to loss of customers and also limited way of doing business.
“Children, grandchildren and grandparents are at home and we have to take of them and we spend a lot of money since they are all at home now”.
Some traders speaking on the matter disclosed that the loan from CODA will help reduce the negative impact Covid-19 pandemic on their businesses.
On June 28, 2020, Mr. Shaib disclosed government’s intention of offering loans to traders within the various districts in Ghana under the CODA credit union to finance their trading activities.
Speaking at a sod-cutting ceremony for the construction of the Asutuare Market in the Greater Accra Region, he revealed that they are working with the Credit Union Association to have credit unions formed across the 109 constituencies [under the jurisdiction of CODA].
“This is just to support them with some funding. From GHS1, 000 right up to whatever amount, depending on your capacity and what we’ve also evaluated you to be. And we are not looking at any interest rate.”
