The traders claim the bank will enhance their economic empowerment
Market women at the Tema Community One Market have appealed to the government to expedite the establishment of the proposed Women’s Development Bank (WDB) to enhance their economic empowerment and ease financial constraints.
Esther Frimpong, a trader at the market, told the Ghana News Agency (GNA) in an interview that traders fully welcomed the initiative, saying it would help expand their businesses and create employment opportunities for other women
Frimpong said the early operationalisation of the WDB was critical, as many women traders continued to struggle with high interest rates on loans from commercial banks, which negatively affected their businesses and reduced profit margins.
She explained that the high cost of borrowing made trading activities increasingly difficult and less sustainable, particularly for small-scale traders who relied heavily on credit to restock goods.
Serwaa Bonsu, another trader at the Community One Market, said the Women’s Development Bank would provide flexible repayment options and low-interest loans, which would help stabilise traders’ operations.
She added that reduced financial pressure on traders would likely translate into lower prices of goods in the market, ultimately benefiting consumers.
Salamatu Fuseni, a chop bar operator in Tema, said customers frequently complained about the high cost of food, attributing it partly to the high interest rates traders paid on loans.
She noted that the establishment of the Women’s Development Bank would help address the financial barriers faced by women in business and contribute to reducing food prices in the market.
Source:
www.ghanaweb.com