The government plans to establish a bank that will handle the affairs of traders, Alan Kyerematen, the Minister of Trade and Industries has said.
He said the establishment of the “Ghana Traders Bank” will change the situation where traders struggle to secure loans to grow their businesses.
Speaking to the trading community at a ceremony to handover emergency liquidity support to victims of the Makola Market fire, Kyerematen said the 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.
He said, “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. For this reason, the government in collaboration with the Ghana Union of Traders Association (GUTA) will soon open the Ghana Traders Bank that will directly deal with issues of traders to help ease your financial burdens”
Dr Joseph Obeng, the president of the Ghana Union of Traders Association (GUTA) said the establishment of the traders’ bank will give relief to traders.
Dr Obeng 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 (BoG) and several other stakeholders to ensure the smooth establishment of this bank.”
The minister presented an amount of GHC2.29 million to be disbursed to 98 victims of the Markola Market fire.
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