Goods delayed, banks demanding repayment – GUTA President details traders’ pressures
Rising cargo volumes are causing port congestion and delaying goods clearance, the President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, said.
Ghana's Union of Traders' Associations President, Clement Boateng, detailed the pressures faced by traders due to cargo delays and bank demands for repayments. Rising cargo volumes at ports have led to congestion, causing delays in clearing goods. Additionally, longer shipping times from the United Arab Emirates are affecting traders, with shipments taking three to four months instead of 45 to 60 days.
This extended wait period places pressure on traders who finance their imports using bank loans, as repayments begin a month after the facility is taken. Boateng urged banks to grant borrowers a moratorium on repayments, providing relief as they wait for shipments to arrive and clear.
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