Government, GUTA push for the establishment of Ghana Traders Bank

• The country is to have a Ghana Traders Bank

• Informal sector workers will benefit from competitive financial support from the bank

• The government and GUTA are hopeful this will be a great game-changer for traders

The Ghana Union of Traders is far-advancing its plans to establish a Ghana Traders Bank that will specifically deal with the life-long challenge of high-interest rates that informal traders face, Dr. Joseph Obeng, president of the association has said.

“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 said, reports myjoyonline.com.

Over 90% of Ghana’s employment chain is made up of people in the informal sector but a majority of them lack access to finance and other credit facilities.

For this reason, many of such persons have been left with no option than to rely on informal credit companies with mostly very unbearable incomes of up to 30% on their loans.

Dr. Obeng explained further that this phenomenon leaves the average Ghanaian trader less competitive, amidst the unbearable debts that they have to battle with.

It is for this reason that he has expressed confidence in the plan for the Ghana Traders Bank, hopeful that it will be the turning point for the traders.

In the meantime, the Minister of Trade and Industry, Alan Kyerematen, has also given his blessing to the setting up of the bank, stating that when it is established, it will provide competitively cheap loans for persons within the informal sector and boost their businesses.