Mr Joseph Paddy the Public Relations Officer of Ghana Union of Traders Association,(GUTA)under the Trade Union Congress has bemoaned the high interest rates charged by most banks in the country.
According to Mr.Joseph Paddy,the situation has reduced consumer’s patronage of buying spare parts from the local shops because pf inability to afford the goods due to high cost price in the market.
He stated that,the high interest’s rate and other unfavorable conditions by these financial institutions,has drive away investors to apply for loans to expand their business,unlike their foreign canter part where all conditions go down well with their trade businesses.
The PRO complained that most of their member’s businesses are going down,causing young entrepreneurs end up losing their wealth to these banks and financial institutions with their high interest rates and other charges living room for foreign investors to take over the market.
Mr Joseph Paddy therefore appealed to government to intervene so that the banks would reduce their interest rates to help small businesses to grow.