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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

    ActionAid Ghana Appoints John Nkaw as Country Director

    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

    Monetary Policy Rate must be increased to 19% to check inflation – IEA

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

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    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

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GUTA calls for establishment of a traders’ bank

byMichael Ogbodu
March 8, 2021
in Local Economy, Top Stories
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The Ghana Union of Traders Associations, GUTA, says it’s major expectation from the Trade Minister, Alan Kyerematen is the establishment of a trader’s bank.

According to the association, although talks had begun towards the plan in previous years, the COVID-19 pandemic halted its progress.

Speaking to Citi Business News, President of GUTA, Dr Joseph Obeng, believes the establishment of the traders’ bank will help reduce significantly the cost of credit for his members.
“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.”

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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.

GUTA has been 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.

It 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.

It 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.

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