Ghana Union of Traders Association pleads with banks to reduce pressure on its members as Coronovirus slows their businesses

The Ghana Union of Traders Association (GUTA), is pleading with banks in Ghana that give loans to its members to reduce the pressure they mount on their members as the spread of coronavirus hinders their trade.

The President of GUTA Dr. Joseph Obeng

A statement issued by the Secretary-General of GUTA, Alpha Shaban explained that small scale business owners have been greatly affected by the outbreak of the virus in China.

“Most businesses cannot turn over their capital at the moment in time due to delay in manufacturing in China.”

He explained that the small scale business owners buy from the open markets and shops in China. However, the large and medium scale importers buy directly from the manufacturers through their foreign suppliers without necessarily travelling to China.

The statement explained that due to this situation most businesses cannot travel due to the outbreak.

GUTA indicated that the extension of the Chinese holiday and restriction on movement to and from the affected areas will make it difficult for them to pay back loans at the expected time.

The Union indicated that the short in supply of goods in China and the increase in demand is already causing prices to go up.

They added that it is not viable to go to other business destinations like Dubai and Turkey since the spread of the coronavirus has gone beyond the borders of China.

GUTA is, therefore, pleading with banks to find a way of easing the plight of those who may have borrowed money from them.

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