Dr Joseph Obeng, the President of the Ghana Union of Traders Association (GUTA), says the proposed Ghana Traders Bank will serve the entire private sector, including traders from outside Ghana.
He said the bank, when established, would ease troubles traders went through in setting up and expanding their businesses 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 and we are for it with our numerous members,” he said.
The GUTA president said businesses were collapsing due to high lending rates from the commercial banks and it was time the local businessman got a friend in a financial institution for support when necessary.
“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,” he said.
The Traders Bank would rescue traders from the shackles of commercial banks, he noted.
Consultancy work had gone very far with the support of the Ministry of Trade and Industry, Dr Obeng said and expressed optimism that very soon, the bank would be birthed.
Professor Peter Quartey, an economist, said the establishment of the bank was necessary if it was going to serve a specific need of traders.
Alan Kyerematen, the Minister of Trade and Industry, announced that plans were advanced towards the bank’s establishment, which would solely provide competitively cheap loans for traders.
“It is long overdue to embark on such an ambitious intervention,” he said.
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