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GUTA lauds gov’t for stabilising Cedi but wants policy rate reduced

The Ghana Union of Traders Association (GUTA) has extolled the government for stabilizing the exchange rate despite calling for significant reduction in the policy rate.

Members of GUTA are positive that their businesses will grow considerably and boost the economy if the government continues to strengthen the Cedi on the international market.

President of GUTA Dr. Joseph Obeng in an interview on the Yen Sempa morning show on Onua FM on Tuesday, December 22 reiterated that businesses were hugely affected by the Covid-19 pandemic but was quick to praise the government for its pragmatic measures in stabilizing the exchange rate.

“The exchange rate is very stable but what we want the government to consider doing for us is reducing the interest because most of our members are solely dependent on bank loans”.

Dr Obeng told host Nana Okyere Awurukuo that the rate at which GUTA members applied for the Covid-19 stimulus package clearly indicates that most businessmen survive on bank loans.

He revealed that the National Board for Small Scale Industries (NBSSI) Covid-19 stimulus package was oversubscribed from 200,000 people to 850,000 people, meaning that traders are interested in affordable credit facilities.

He thus appealed to the government to facilitate a compelling mechanism that would allow the commercial banks to reduce their policy rate or set up a parallel bank or fund with less interest rate for traders.

Touching briefly on recent infernos at market places, Dr. Obeng said such acts whether politically motivated or not should be stopped immediately to safeguard traders.

He stated that he doesn’t believe the fire outbreaks are politically motivated but thus called for forensic investigations to ascertain the causes.

By Maxwell Otoo|Onua FM|3news.com|Ghana

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