On the 30th of March 2020, the Minister of Finance placed before Parliament a Statement on the Economic Impact of the Covid19 Pandemic on the Economy of Ghana and also measures government is taking to mitigate the impact.
Without necessarily spelling out the details of the measures,we like to single out the granting of principle repayments for selected businesses. We believe BoG should have that stronger oversight to ensure that all financial institutions will implement this directive for all businesses to bring the needed relieve for all distressed businesses at this time.
GUTA however note the timely presentation of this Statement to Parliament. It is very important that at this time of our lives as a people every effort should be made to ensure that the negative impact on especially our businesses can be reduced through the humane approach by our Revenue authorities, Bank of Ghana, Landlords, Financial institutions and above all Government.
GUTA will like to laud the efforts and the bold stand of H.E the President of Ghana Nana Addo Danquah Akufo Addo and the Government in their fight to ensure that the impact on businesses is lessened.
But while doing so, GUTA will also want to advise government to have the members of GUTA and the trading private sector in mind, majority who are in the small and meduim sectors, in any stimilus package to help reduce the huge losses they will and are incurring as a result of this pandemic.
GUTA will like to take this opportunity once again to laud the effort of Republic bank for their directives to help clients who have taken some loans from them and also advise all banks and financial institutions to emulate this shinning example.
GUTA will continue to advise all her members and the trading private sector to adhere to all the directives of government and to continue to follow the precautionary measures put out by the health ministry. Bearing in mind that yes the economy can be fixed but not our lives, should we loose it. Above all we should continue to pray that God sees us through this ordeal.
This too shall pass.
Dr JOSEPH OBENG
President Ghana Union of Traders Associations.