The Chief Executive Officer (CEO) of the Coastal Development Authority (CODA) says government will be offering loans to traders within the various districts in Ghana under the CODA credit union to finance their trading activities.
He spoke at a sod-cutting ceremony for the construction of the Asutuare Market in the Greater Accra Region.
The CEO, Jerry Ahmed Shaib said, “We are working with the Credit Union Association to have credit unions formed across the 109 constituencies [under the jurisdiction of CODA]. This is just to support them with some funding. From GHS1,000 right up to whatever amount, depending on your capacity and what we’ve also evaluated you to be. And we are not looking at any interest rate.”
Traders cry for help
The coronavirus pandemic has had negative effects on almost everything, including businesses.
Traders at the Agblogbloshie yam and onion markets, for instance, have been compelled to reduce the prices of their items due to the impact of COVID-19.
The traders who say they have lost thousands of cedis also attribute the development to low patronage and the rate at which their goods are perishing.
Citi News’ Nana Tuffour Boateng who was at the Agblogbloshie market reported that the sellers are lamenting the impact of the Coronavirus on their businesses.
They complained that most of their food items are going bad because the number of customers has reduced.
In view of this, the government has also put in place a GHS600 million soft loan scheme with a two-year repayment plan for micro, small and medium scale businesses.
Persons who access these loans will have a one-year grace period before beginning repayment.