Enhancing Trade: Govt to establish bank for traders
Source: www.thenewindependentonline.com
Minister of Trade and Industry, Alan Kyerematen, has hinted that the government will soon establish a bank for traders.
The bank, he said, would have tailor-made loans with low-interest rates for traders to be competitive as well as make the overall economy more efficient.
According to him, the government is already in consultation with the Ghana Union of Traders Association as well as other consultants to establish the Bank to alleviate the plight of the traders.
The Minister made this known during the disbursement of the emergency financial support to victims of the July 5, 2021 Makola.
Enhancing Trade: Govt to establish bank for traders
The exercise was in collaboration with the Ministry of Trade and Industry and the Ghana Enterprises Agency (GEA).
The government disbursed GHS 2,029,000.00 to the victims to mitigate the adverse effects of the fire incident on their businesses.
The money is to be disbursed through the Consolidated Banks Ghana (CBG) to the 98 victims whose shops were affected in the inferno.
Enhancing Trade: Govt to establish bank for traders
Speaking further, he explained that trade and commerce played a critical role in the economic development of every country.
“Trading has become the channel between manufacturing and consumption, as every product that is manufactured is consumed in order to complete the value chain”, he acknowledged.
By acting as the channel between producers and consumers, he noted that, trading had the potential to provide critical information as inputs into the production process, source of employment as well as serve as a platform for revenue mobilisation in support of government projects and programmes.
“It is against this background that among the components of the 10-Point Plan for Industrial Transformation of Ghana, is enhancing Domestic Retail Trade by improving market and other distribution infrastructure as well as reducing administrative bottlenecks in domestic trade”, he stressed.
Burnt shops during the fire outbreak @ Makola
Under this Component, the Trade and Industry Minister hinted that Government is determined and focused to provide direct support to business operators in the trade and commerce ecosystem through the introduction of a number of measures to facilitate trade in and out of the country.
Citing an example, he said “upon the assumption of office of the NPP Government in 2017, the Ministry of Trade and Industry took a strategic and decisive step to address the challenges in trade facilitation and customs management which were impeding the work of many traders, by introducing a new Trade Facilitation and Customs Management System, UNIPASS.”
This new trade facilitation system has significantly improved the operations at our ports and borders, he said.
“In addition, government took another strategic decision to support traders and micro enterprises through the provision of emergency liquidity support to the tune of GHS 600 million under the Coronavirus Alleviation Programme Business Support Scheme (CAPBuSS) when the whole world was struck by the COVID-19 Pandemic,” he stated.
Mr Kyerematen said the interventions were to indicate that the Government was fully committed to the profitability and sustainability of businesses.
Trade and Industry Minister with the Mayor of Accra.
He said the Ministry of Trade and Industry would work with all relevant Ministries, Departments and Agencies to design a new retail market system to streamline the operations of traders in markets.
Also speaking at the event, the Chief Executive Officer of Ghana Enterprises Agency (GEA), Kosi Yanki Ayeh, said they would liaise with the affected victims to ensure they received the support.
She was hopeful the support would help revive the businesses and grow to support the local economy.
Ms Ayeh said Government was in talks with insurance companies to address the issues of credit, insurance and security needed by the traders in times of disasters.
Dr Joseph Obeng, President, Ghana Union of Traders Association (GUTA) expressed gratitude to the Government for supporting the victims.
He said getting loans was very difficult and welcomed the news of the establishment of a bank for traders, adding that, this would make their work easier.
Meanwhile, on behalf of other victims, Mr Fredrick Osei, a victim of the July 5 inferno, expressed appreciation to Government for the support. He appealed to Government to reduce taxes on imports to promote their businesses.
Enhancing Trade: Govt to establish bank for traders
On July 5, 2021, hosts of shops on a three-storey building at the Makola Market in the central business district, was gutted by fire, causing substantial damage to goods and property worth thousands of cedis.
Source: www.thenewindependentonline.com
