Be soft on businesses regarding loan payment in coronavirus times – GUTA to Banks

The Ghana Union of Traders Association (GUTA) has appealed to banks to lower the pressure on its members regarding loan payment following the outbreak of the coronavirus disease in China.

According to GUTA, the outbreak is having toll on businesses through no fault of theirs, hence, the need for the banks to restructure the loan payment plan.

In a statement, GUTA said “It is also very important to mention that most businesses cannot turn over their capital at this moment in time due to delay in manufacturing and this will automatically affect the growth of business capital, especially in the case of those whose capital are borrowed from the banks.

“They are going to find that the capital is being dwindled by the continuous payment of interest of the loans they have acquired.”

It added: “Whiles the large and medium scale importers buy direct from the manufacturers, and can still transact business with their foreign suppliers without necessarily travelling there, the small-scale ones buy from open markets and shop, and therefore have no alternative than to travel there physically.

“So they are affected even the more.”