The Ghana Union of Traders Association (GUTA) is calling for inclusivity in the operations of the proposed Women’s Development Bank promised by the NDC for women in the Small and Medium-scale enterprises sector.
The Women’s Development Bank is a manifesto promise spearheaded by the running mate of the opposition NDC, Prof. Jane Naana Opoku Agyemang to help empower women in business.
The Bank among other things is aimed at providing access to low-cost credit to women in the SME sector.
GUTA has lauded this policy initiative of the NDC describing it as a noble idea.
Speaking in an interview with The High Street Journal, President of GUTA, Dr. Joseph Obeng explained that the Women’s Development Bank will help to deal with the problem of access to credit for women.
“Access to credit is a very difficult one. So for them to give a women’s development bank to empower women is very important and positive. I must say it’s a noble idea that they will bring such a thing,” Dr. Obeng added.
The President was however quick to add that the Bank should not only focus on women but must include men in their operations. He explains that there are men in the SME sector who are vulnerable and also need the privileged support the bank will provide for women.
“But they should also know that the SME space has men who also need support. They should design something for the men. They should make it such that the men can also be factored in. The name can be women’s bank but it can also cater for vulnerable men. Some men are like women. Even though they are men, their capacity in business is like women. We should be able to identify the vulnerable ones regardless of their sex and help them. This is very important,” Dr. Joseph Obeng appealed.
Commenting on other trade and business-related initiatives in the NDC manifesto, GUTA admitted that the manifesto committee adopted some recommendations from the trade union. According to GUTA, it is very laudable that the next NDC government intends to reduce the cost of doing business.
Dr. Joseph Obeng welcomed initiatives such as the 24/7 port operations, amendments of VAT, and the scrapping of some nuisance taxes among others. He added these policies of the NDC, when implemented if elected will enhance trade facilitation in the country.
“They have captured some of our inputs of which we are grateful. The most important thing is that they have come to the realization that cost of doing business is high. With regards to import duties, they are saying they are going to rationalize fees at the port and scrap needless charges that affect importers. That is very important to us because the fees and charges and the duties, VAT are so high that they make the duty payment very unbearable, so if we are able to prune down those strong costs of doing business at the port, it will auger well for us,” Dr. Obeng said.
He added: “They are also talking about the 24/7 working port including holidays. That one is also very good. Trade facilitation is time, cost, and ease of doing business. If they will do that and it will save time and cost, then it is in the right order.”
