The Ghana Union of Traders Association (GUTA) has urged banks and financial institutions to reconsider and extend loan repayment terms for traders at Kantamanto Market, following the devastating fire that recently destroyed parts of the market.
During the presentation of a GH₵40,000 donation from GUTA to aid in the market’s reconstruction, the association’s First Vice Chairman, Clement Boateng, made a strong appeal for financial institutions to provide relief to affected traders.
“We are calling on banks to consider rescheduling loan agreements for traders who have taken loans. Extending their repayment timelines will give them some relief as they work to rebuild their businesses,” Mr. Boateng stated.
In addition, Mr. Boateng proposed that local authorities such as District, Metropolitan, and Municipal Assemblies (DMMAs) allocate part of the fees they collect from traders toward insurance schemes. He argued that having such schemes in place would help provide support during unforeseen disasters.
“The fees traders pay for business operating permits should be partially directed toward an insurance package. This would ensure that in times of crisis, traders can receive assistance without struggling unnecessarily,” he suggested.
Joseph Paddy, GUTA’s Director of Communications, echoed this sentiment and called for stronger collaboration between the government and the private sector. He emphasized the need for better-organized market systems across the country to improve trading conditions.
“For years, most of our markets have been informally developed by local communities, with only a few structured markets in existence. It is time for the government and private sector to work together to build modern, well-planned markets to support Ghanaian traders,” Mr. Paddy said.
The recent fire at Kantamanto Market has highlighted the vulnerabilities faced by traders and the pressing need for a coordinated approach from all stakeholders to create resilient and sustainable market environments in Ghana.
Source: TheDotNews