Ghana Union of Traders Association (GUTA) President, Dr. Joseph Obeng, says the government’s plan to establish a Women’s Bank has brought genuine hope to many traders who remain trapped in harsh lending systems.
He noted that the initiative is one of the most welcomed aspects of the new budget, as it tackles a long-standing financial challenge faced by female traders. Dr. Obeng explained that many women avoid mainstream banks and instead rely on microfinance institutions, susu schemes, and other informal credit sources that charge extremely high interest rates.
According to him, these punishing rates keep many women locked in poverty.
“Among the things we appreciated in the budget is the intended establishment of the Women’s Bank. It will truly solve a problem for us. Our women are very vulnerable. They typically do not engage with mainstream banks but depend on microfinance and susu systems that offer credit at exorbitant prices, leaving them unable to pay the interest and sinking them deeper into poverty,” he said.
While commending the government for the initiative, Dr. Obeng stressed that the financial struggles extend beyond women. He explained that many men in the trading sector are equally vulnerable and facing increasing hardship.
“So, government has done well, but as we express our gratitude, we also appeal that some of our men, who are just as vulnerable as the women, should also be considered. We must find a way to support them as well.”
Dr. Obeng described the Women’s Bank as a potential lifeline but emphasized that any long-term solution must include support mechanisms for struggling male traders who are also slipping deeper into financial distress.
