GUTA Endorses Proposed Women’s Bank, Urges Support for All Vulnerable Traders
President of the Ghana Union of Traders Association (GUTA), Joseph Obeng, says government’s plan to establish a Women’s Bank has renewed hope among traders particularly those caught in exploitative lending arrangements.
He stated that the initiative is one of the most welcomed provisions in the 2026 Budget, as it addresses a longstanding financial challenge facing many female traders.
According to him, a significant number of women avoid mainstream banks and instead rely on microfinance institutions, susu schemes and other informal credit channels that charge extremely high interest rates. This situation, he said, traps them in a cycle of debt and poverty.
“Among the things we appreciated in the budget is the intention to set up a Women’s Bank. It is coming to solve a very real problem. Many of our women are vulnerable, relying on microfinance and susu systems with exorbitant charges that make it difficult to pay back their loans,” Mr. Obeng said.
He, however, stressed that the crisis is not limited to women. Many male traders, he explained, are equally struggling under harsh economic conditions. “Government has done well, and we commend them. But some of our men are just as vulnerable. We must find a way to extend support to them as well,” he added. Mr. Obeng described the proposed Women’s Bank as a potential lifeline for traders, but emphasised that any sustainable solution must include both women and men who are facing financial hardship.
