Dr Joseph Obeng, the President of the Ghana Union of Traders Association (GUTA), has stated that the proposed Ghana Traders Bank would rescue Ghanaian traders from the shackles of commercial banks in the country.
According to the President of GUTA, Traders Bank, when established, would ease the troubles traders normally go through in setting up and expanding their businesses. This is because, he believed the new Traders Bank will come with a less expensive capital acquisition.
“It is to make sure that interest on loans is brought low to the barest minimum for traders to help grow the local economy. We are for it with our numerous members.”
Dr Joseph Obeng
Dr. Obeng disclosed that businesses in the country are collapsing due to high lending rates from the commercial banks. He added that it is about time the local businessmen got a new reliable financial institution for support when necessary. He is confident the new Traders Bank will help to grow the Ghanaian economy.
“These banks do not even reward their customers who transact business with them, and I think we need to move away from that now to grow the local economy and enhance our lots.”
Dr Joseph Obeng
The President of GUTA lauded the idea of Traders Bank. He, thus, revealed consultancy work has gone very far with the support of the Ministry of Trade and Industry. He expressed optimism that very soon, the bank would be birthed to help the Ghanaian traders.
Dr. Obeng noted that the Traders Bank will serve the entire private sector, including traders from outside the shores of Ghana.
In the intervening time, Professor Peter Quartey, an economist, also welcomed the decision by the government to establish Ghana Traders Bank. He noted that “the establishment of the bank is necessary if it is going to serve a specific need of traders.”
Background of the Traders Bank
It can be recalled that, Alan Kyerematen, the Minister of Trade and Industry, in a ceremony to hand over emergency liquidity support to victims of the Makola Market fire, announced that plans are advanced towards the Ghana Traders Bank’s establishment, which would solely provide competitively cheap loans for traders.
“It is long overdue to embark on such an ambitious intervention.”
Alan Kyerematen
The Minister of Trade and Industry indicated that the establishment of the bank is to provide competitively cheap loans for Ghanaian traders. He stated that contributions of traders to the country’s economic growth cannot be downplayed, therefore, the establishment of a bank to support the activities of traders will help them greatly.
“For this reason, the government, in collaboration with the Ghana Union of Traders Association (GUTA), will soon open the Ghana Traders Bank, which will directly deal with issues of traders to help ease your financial burdens. We know the stress you go through to acquire loans from the banks and sometimes the frustrations to pay back your loans because of the high interest rates.”
Alan Kyerematen
Traders also embraced the idea, labeling it as ‘a great one’ as they are of the belief that, the establishment of the Ghana Traders Bank will change their business fortune.
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