Goods delayed, banks demanding repayment – GUTA President details traders’ pressures

Rising cargo volumes have led to port congestion and delays in clearing goods, according to Clement Boateng, President of the Ghana Union of Traders’ Associations (GUTA). Speaking on Joy News’ PM Express Business Edition, Mr. Boateng highlighted clearance delays and longer shipping times from the United Arab Emirates as pressures facing traders.

He explained that the significant influx of cargo at the port has resulted in delays, while shipping difficulties from the UAE were attributed to the war and developments at the Strait of Hormuz. These issues caused vessels to alter their routes, extending delivery times from 45 to 60 days to around three to four months. As traders finance their imports with bank loans, the longer wait further strains them, as repayments commence a month after the loan is taken.

This financial pressure, coupled with the delays in clearing goods, has prompted Mr. Boateng to urge banks to grant borrowers a moratorium on repayments. His remarks underscore the two main sources of delay for importers: extended shipping durations and congestion during the clearance process at the port.