The Minister for Trade and Agribusiness, Elizabeth Ofosu-Adjare, has advised traders, particularly women to carefully study bank loan policies before securing credit from financial institutions.
Speaking at an engagement organized by the women’s wing of the Ghana Union of Traders Association (GUTA), Madam Agyare cautioned that loans must be taken strictly for business growth and not diverted into personal expenses. She underscored the importance of financial literacy, noting that a sound understanding of loan terms is essential to avoid future challenges.
Madam Pearl Poku, National Coordinator of the GUTA Women’s Wing, explained that the forum intentionally featured two institutions, Bank of Africa and GLICO Ghana to educate members on financial products and policies relevant to their businesses.
“Many women go into business without fully understanding the risks or planning for the future. This session was to equip us with the right knowledge. In today’s competitive world, we need the right support to grow our businesses,” she said.
Mr. Charles Oteng, Head of SMEs at Bank of Africa, also addressed the gathering. He revealed that the bank has been working closely with GUTA to educate its members and has reviewed interest rates to make credit facilities more accessible for traders.
