The Ghana Union of Traders Association (GUTA) has appealed to banks and financial institutions to reschedule the financial obligations of traders at the Kantamanto market, following the devastating fire outbreak last week.

Speaking to journalists after the association donated GH₵40,000 to support the reconstruction of the market, the First Vice Chairman of GUTA Clement Boateng emphasized the need for financial institutions to reschedule loan payments for traders affected by the fire.

“I will take this opportunity to appeal to the banks because I know that there are a lot of people here who have taken some facilities from the bank. So, I want to make an appeal to all the financial institutions that our members have taken facility from, to please reschedule their facility arrangement, so that the time that they are supposed to repay the facility will be extended for them to have some bit of respite.”

Additionally, Mr. Boateng called on the District, Metropolitan and Municipal Assemblies to allocate some of the fees collected from traders for insurance schemes. He highlighted the importance of such measures in providing a safety net during unforeseen crises.

“Sit down with GUTA and consider an amount that we are paying for the business operating permit, that amount should be set aside to sign on to an insurance package, so that in times like this, our people will not be found wanting.”

The Director of Communications of GUTA, Joseph Paddy reiterated the call, urging the government to collaborate with the private sector. He emphasized the need for a well-structured market system to enhance trading activities nationwide.

He stressed that government’s involvement is essential in creating resilient and sustainable trading environments.

“Over some period of years now, we have not had a well-structured market in the country. Almost all the market we have are made by the indigenes. Only very few local markets. This is the time for government to collaborate with the private sector, so that we can build more well-structured markets for Ghanaians to trade.”

The fire at Kantamanto market has once again underscored the vulnerabilities faced by traders and the need for coordinated efforts from all stakeholders to ensure the sustainability of Ghana’s markets.