GUTA President calls for loan repayment moratorium as shipment delays hit traders
GUTA President Clement Boateng has called for a moratorium on loan repayments to give traders breathing space as shipment delays leave them facing bank demands before their goods arrive.
Clement Boateng, President of the Ghana Union of Traders Association (GUTA), has urged lenders to postpone loan repayments to provide relief for traders facing mounting pressure. Speaking to Joy News’ PM Express Business Edition, Boateng highlighted shipment delays from the United Arab Emirates that are now taking three to four months to reach Ghana, compared to previous 45 to 60 day estimates.
The longer journey is attributed to rerouting due to ongoing war and events at the Strait of Hormuz. Such delays leave traders in need of financing, which requires them to take out loans. These loans demand repayments starting the month after borrowing, regardless of whether goods have arrived yet. Boateng, who has previously called for a grace period on repayments, wants lenders to offer traders more time before they need to start servicing their loans.
The gap between purchasing goods and receiving them for clearance has widened in the face of these shipment delays, causing traders to struggle with loan repayments while waiting for their imports. Port congestion further exacerbates the delays, adding another layer of trouble for businesses. Despite these challenges, Boateng maintains that the overall business environment in 2026 has not been entirely negative.
His primary concern, however, is the strain on importers caught between longer shipping times, port congestion, and loan repayments that begin before their goods have arrived.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
