Coronavirus: Banks in Ghana have disappointed us – GUTA cries

The Ghana Union of Traders Association (GUTA) says it is highly disappointed in banks in Ghana after they refused to grant its member loan payment deferment amidst global coronavirus economics crisis.

“Banks in Ghana we (GUTA) work with have really disappointed us seriously”, Mr. Joseph Obeng, President of GUTA has said.

According to GUTA, since they are partners in the business environment, it should not be too difficult for banks to grant their request of loan deferment in view of the stagnation of businesses as a result of the deadly coronavirus

“We are partners who work hand-in-hand. However, if we have come for money and out of the blue something like this has happened affecting the globe and you sit in your chair without having anything in mind for us then we are very disappointed,” GUTA stressed.

The Ghana Trade Union Association since the outbreak of the virus have constantly complained to both government and banks they work with for help especially the mode for repayment of loans. But it seems these banks are not offering a helping hand to members of the association.

The association further revealed that it has written letters to Parliament, to help them talk to government on their behalf in dealing with banks they work with to offer them deferment of loan repayment.

President of the Association on Kumasi-based Otec FM monitored by also explained that, the pandemic is totally against trading activities therefore “those of us who have gone for loans for our businesses, the fact is that we cannot turn our capital hence we can’t pay our interest on loans.

Mr. Joseph after criticizing other banks in the country acknowledged the fact that, Republic Bank previously HFC bank has indeed listened to their cry by given their members a “mouthwatering package”.

“They have said they are going to defer loan payment between three to six months to all customers who currently owe them. They are not going to add up interest within this period. What else should a bank do”, he quizzed adding that they have done well and really appreciate hence other banks must also learn this.

However, if other banks do not do same, members must concentrate on Republic Bank and work with them.

“Other banks are not treating us well. This crisis is not our fault. You can’t go or come. Anyone who is working with such banks should write a petition to them, however if they refuse, advice yourself,” Mr. Obeng emphasized.


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