As the Trade Minister, Alan Kyerematen, takes office again for the second time, the Ghana Union of Traders Association (GUTA) is hopeful that he will fulfil their long-time dream for the establishment of a trader's bank.
While talks have already begun towards the plan in previous years, the ravages of the coronavirus pandemic brought a momentary pause to its progress, reports citinewsroom.com.
Dr. Joseph Obeng, President of GUTA, told the news portal that he believes the establishment of the traders’ bank will help to significantly reduce the cost of credit for members of the Association.
“He (Alan Kyerematen) has endorsed the fact that he wants to go with us and establish a traders’ bank which is so dear to him. As to how we can start it is what we are waiting for. He told us to bring a road map which we have sent. So I believe when they settle down things will kickstart. Had it not been COVID-19 most of these things would have reached far. But, due to COVID-19 some of these efforts at bay. So when they settle down we will continue with that,” he said.
Being at the forefront of calls for a reduction in the lending rate in the country as it argues that the current rate makes borrowing very difficult and expensive, GUTA had earlier indicated that it will require access to cheaper credit to be able to take full advantage of the African Continental Free Trade Area (AfCFTA) agreement.
GUTA also argued for instance that, the commencement of the AfCFTA means it would now have to compete with businesses from other African countries who have access to credit facilities at lower rates than are currently being offered in Ghana.
Mr. Alan Kyerematen is among the ministers who were retained in their ministries after the president’s first tenure was recently approved by parliament after undergoing the vetting process.