Bank assists GPRTU to establish facilities

Accra Oct. 18, GNA- Mr. Godfrey Bayon Tangu, a Minister of State at the Ministry of Transportation on Thursday lauded the setting up of banking facilities at various vehicle terminals saying the initiative would curb the spate of robbery on the country's highways.

He expressed concern over the spate of robbery on the country's highways, especially Kumasi-Techiman, Kumasi-Yeji and Techiman-Tamale and recounted how travellers, including traders had been robbed of their belongings, monies and killed by highway robbers. "As a result of these robbery incidents, most traders who have been involved in internal marketing of agricultural produce have lost their capital and could not able to support their families." Mr Tangu made these remarks at the launch of Stanbic Bank Ghana, Ghana Private Road Transport Union (GPRTU) partnership agreement in Accra.

Mr. Alhassan Andani, Managing Director of Stanbic Bank, Ghana and Alhaji Yaw Manu, National Chairman appended their signatures to the agreement.

The agreement entails the sales and maintenance of new vehicles by the Stanbic Bank Limited for the GPRTU and the refurbishment of various vehicle terminals in the country. Offices of the bank are also to be established at these terminals to enable traders to deposit their monies and withdraw them at their destinations. Mr. Tangu commended the bank for the bold initiative, which would reduce the incidence of robbery of passengers who patronise the services of the union. "This collaboration, as I recognise, would no doubt go a very long way in improving road transport in the country and consequently enhance the comfort of the travelling public and reduce the high incidence of road traffic crashes." The Minister of State observed that one of the major challenges which negatively impacted on the delivery of efficient road transport services offered by the private road transport operators was the acquisition of new vehicles when the old ones have become uneconomical to run. He said most of these transports operators had difficulty in obtaining credit from banks to enable them to renew their fleet of vehicles. He pointed out that this had led to the numerous poorly maintained and dilapidated vehicles on the road networks. He therefore tasked the transport unions to intensify their efforts to reduce the rate of fatal road accidents. Mr Alhassan Andani, Managing Director, Stanbic Bank, Ghana describing the collaboration as exclusive, noted that Gross Domestic Product and the growth in the transport industry were mutually dependent. He said the bank has set up a revolving fund of 50 million dollars for GPRTU to purchase 1,000 vehicles, which will be financed by the bank. To kick start the project, 20 vehicles have been presented to the union.

Mr Andani said for a start, the bank will be picking monies from the various stations on daily basis, adding that the process of implementing the banking facility at the stations will start in 2008. "In this direction, the bank will also support the GPRTU to establish stopovers/rest stops, filling stations and workshops on the major highways and help beautify all the vehicle terminals across the country."

Mr Asiedu Mante, Board Chairman of the Bank said, with the growth of the transport industry, Ghana would be able to achieve the Millennium Development Goals.

Alhaji Yaw Manu, National Chairman, GPRTU described the partnership as historic in the endeavours of the union and commended the bank for making it possible. Alhaji Manu said the union, which had over 800,000 memberships, had agreed to open pilot agencies at the Accra and Kumasi saying the project would be replicated in the various regions.