The President of the Ghana Union of Traders Association(GUTA) has called for the establishment of a special bank to offer loans at a special rate to traders and industry to promote business in the country.
The call was made by the President of GUTA, Dr Joseph Obeng at a meeting of the national executive of GUTA and the members of the association in the Eastern Region at Koforidua.
He said at the current exploitative interest rate of 25 percent, businesses and investors in the country could not compete on the international market where their competitors were using loans with lower rates and benefitting from other incentives.
He said without such a bank and special bank rates, Ghanaians would not be able to take full advantage of the coming African Continental Free Trade Area.
Dr Obeng explained that such a bank would help force the local banks to lower their interest rates to better promote business in the country.
Dr Obeng appealed to the leadership of the association in the Eastern Region to exercise restraint and allow the Presidential Special Task Force to operate to ensure that foreigners operating retail businesses in Ghana complied with the laws of the country.
Mr Harry Oduro Awuku, the Eastern Regional Chairman of the association appealed to the National Board for Small Scale Industries to be fair to all in the implementation of the government COVID-19 stimulus fund.