Presidential candidate for the Afrafranto Alliance, Alan John Kwadwo Kyerematen, has announced plans to establish a dedicated "Traders’ Bank" if elected president in the December 2024 elections.

The proposed bank will be designed to support both micro and macro businesses across the country, with a particular focus on providing financial assistance to traders who form a significant part of Ghana's economy.

With an estimated 80% of Ghanaians engaged in trading, Mr Kyerematen’s initiative aims to address the longstanding challenges traders face in accessing affordable credit.

Speaking to a large crowd at Asuofua in the Atwima Nwabiagya North Constituency in the Ashanti Region, Alan Kyerematen stressed that the Traders’ Bank would offer low-interest loans to traders, making it easier for them to expand their businesses and improve their livelihoods.

He explained that the bank would reduce the financial strain traders often encounter when dealing with traditional banks, which typically charge higher interest rates. “The bank will be for you, and whatever loan amount you need will be granted. And because the bank belongs to you, the interest will be very low, allowing you to make a decent profit,” Mr Kyerematen assured the crowd.

The creation of the Traders’ Bank is expected to have a transformative effect on both the formal and informal sectors of the economy. Unlike other presidential candidates' proposals, which focus on only women or general business environments, Alan Kyerematen's Traders’ Bank promises direct financial empowerment for traders - men and women alike.

By addressing the specific needs of traders, Mr Kyerematen’s plan sets itself apart as a practical, results-driven solution to the daily struggles faced by a vast portion of the population.
Alan Kyerematen’s plan also recognizes the critical role that traders, especially in informal markets, play in sustaining Ghana’s economy. Many traders, particularly women, often struggle to secure loans due to stringent requirements or excessive interest rates charged by traditional banks.

The Traders’ Bank, according to Mr Kyerematen, will eliminate these barriers, allowing traders to access credit with ease and at rates that will enable them to grow their businesses sustainably. "Establishing a Traders’ Bank that offers easy access to low-interest loans in an Enterprise Economy is essential because it will be the fuel that drives business growth," he emphasized.

In highlighting the significance of this initiative, Mr Kyerematen also pointed out the failures of past governments to cater adequately to the needs of traders and said the power and authority to transform Ghana lie in the hands of the President and, therefore, the people should take the presidential election seriously. He urged the electorate to avoid repeating past mistakes in the upcoming elections and called on voters to throw their support behind him. “Do not repeat the mistakes of the past,” he told the people of Asuofua. “Locate me at number 13 on the ballot, and let’s work together to transform Ghana’s economy.”

During his campaign stop at Atwima Nwabiagya North, Alan Kyerematen also visited the palace of Barekesehene, Nana Okofo Amoapem Brenya, where he received words of encouragement from the elders. Although Nana Okofo Amoapem Brenya was not present, the chiefs who represented him expressed their support for his candidacy and urged him to continue spreading his message across the country. “We know you can turn things around as president of the republic,” the chiefs assured him.

Alan Kyerematen’s 19-day campaign tour in the Ashanti Region is focused on winning the hearts of voters by presenting his Great Transformational Plan (GTP), which includes the Traders’ Bank as a central pillar. His strategy is to cover every constituency and community in the region, ensuring that his message reaches all corners of Ghana’s largest electoral stronghold.

As Kyerematen pushes forward with his campaign, the promise of the Traders’ Bank stands out as a bold and innovative solution to one of the most pressing issues facing Ghanaians - access to affordable credit.

With traders forming the backbone of the economy, Kyerematen’s proposed bank could be the key to unlocking new opportunities for economic growth and development across the country.