We’ll fight NBSSI 'hijack' of GH¢600m bailout – GUTA

The Ghana Union of Traders Association (GUTA) has voiced its disquiet about the way the National Board for Small Scale Industries is handling the utilisation of the GH¢600 million soft loan scheme for micro, small and medium scale businesses.

Speaking on Anopa Kasapa on Kasapa 102.5 FM, President of GUTA, Dr. Joseph Obeng accused the NBSSI of hijacking the process and berated plot to sideline the real beneficiaries – the Trade Associations in the distribution process.

“We won’t sit aloof for the NBSSI to do things anyhow. We need broader consultations on the GH¢600 million soft loan scheme. How did they come by the estimated 200,000 people? because GUTA has not presented any list yet. If the President has made it clear that the facility is to support Traders, then we will make sure we fight for our members so that it won’t be business as usual” he told host Kweku Owusu Adjei on Anopa Kasapa on Kasapa 102.5 FM Monday.

The outbreak of COVID-19 in Ghana and the subsequent ban on public gatherings, has slowed local businesses following the disruption and massive downturn in activity.

But the government has stepped in to salvage local businesses from collapse following the announcement of a GH¢600 million soft loan scheme to cushion businesses affected by COVID-19 effective this month, May.

“We are rolling out a soft loan scheme of six hundred million cedis (GH¢600 million), in this month of May, to support micro, small and medium scale businesses, and, as you know, the commercial banks, with the support of the Bank of Ghana, have also instituted a three billion cedi (GH¢3 billion) credit and stimulus package, to help revitalise industries, especially in the pharmaceutical, hospitality, services, and manufacturing sectors,” the President, Nana Akufo-Addo added.

But GUTA among its grave concerns about the allocation of the GH¢600 million facility also asked for sanity in the distribution process to achieve the intended purpose of the scheme.

The association wants the scheme to be managed in a “fair, transparent and equitable manner, devoid of partisan politics.”