Government to set up “Ghana Traders’ Bank”
Minister for Trade and Industry, Alan Kyeremanteng, has disclosed that government is planning to set up a bank to specifically handle the affairs of traders in the country.
According to the Trade Minister, the Ghana Traders Bank will bring to an end the struggle of traders to secure loans to grow their businesses.
Making the disclosure 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.
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“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,” he stated.
Also speaking at the ceremony and welcoming the news was Dr Joseph Obeng, the president of the Ghana Union of Traders Association (GUTA) who remarked that the establishment of the traders’ bank will give relief to 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 (BoG) and several other stakeholders to ensure the smooth establishment of this bank,” he stated.
