President of Ghana Union of Traders Association Dr Joseph Obeng has said access to affordable credit has been a challenge for members of the Association.

According to him, his outfit has had to rely on funds abroad for their business operations. This, he revealed has also not been forthcoming due to coronavirus.

Speaking in an interview with GhanaWeb, the GUTA boss raised concerns on the need to make cheap credit available locally his member can afford.

“Before the outbreak of the pandemic, we used to get credit from most of our suppliers abroad. They would secure cheap credit and pass them on to us. These days it has become challenging so we have to look within our own country to fund these credit as we work.

If you look at the government stimulus package, it was oversubscribed and this tells you how people need affordable capital to resuscitate their businesses”, he told GhanaWeb.

Dr Obeng further implored stakeholders to work around the clock for businesses in Ghana to have access to cheap capital to enable them to take advantage of the African Continental Free Trade Area (AfCFTA).

“We will be going into competition with other African countries in the wake of the AfCFTA. If other countries are having cheaper credit, then they will beat us in the competition which will not augur well for us”.

He also advised government to relook at the country’s procurement structure for state spending to trickle down to the informal sector.