The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has welcomed the government’s plan to establish a Women’s Bank, but quickly stressed that financial intervention must be extended to vulnerable male traders as well.
He explained that many women in the informal sector often avoid traditional banks, resorting instead to microfinance institutions and susu schemes. These schemes, he noted, frequently come with exploitative interest rates that trap women in cycles of poverty.
While applauding the focus on female entrepreneurs, the GUTA President was clear that the support must not end there. He emphasized that many male traders face similar economic vulnerabilities and require urgent government assistance.
“Government has done well with the Women’s Bank because our women are very vulnerable, often stuck with high-interest loans. But some of our men are just as weak, so we’re appealing for support for them too,” Dr. Obeng stated.
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Story by Richlove Doku Essilfie | univers.ug.edu.gh
Edited by Deborah Owusu
