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30.09.2020 Business & Finance

CODA Sets Up Credit Union To Assist Petty Traders

CEO of CODA, Jerry Ahmed ShaibCEO of CODA, Jerry Ahmed Shaib
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Traders in the Greater Accra Region are set to receive loans from the Coastal Credit Union initiative established by the Coastal Development Authority (CODA).

The policy aims to provide support for traders to boost their business activities.

Speaking at the launch of the program, CEO of CODA, Jerry Ahmed Shaib urged traders who stand to benefit from the program to use the funds judiciously.

He said, “Under the president’s directive which is the Infrastructure for Poverty Eradication Program, IPEP, people can have all the big markets and shops but if they do not have the resources to do their trading, it means that there is nothing that will go on for them. So we also considered supporting them but by supporting them, they have to be the owners of the project to contribute towards it.”

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At a time when businesses have suffered from the devastating impact of COVID-19, government through the Coastal Development Authority is assisting the traders with loans to support their trading activities.

This covers petty traders, vendors of yams and tomatoes, second-hand clothes dealers, commercial driver unions among others.

The loan will be offered based on the working capital of each trader.

The authority says a form will be picked at a cost of GHS20 with a little interest to be paid.

The payment plan will be in instalment for a considerable period.

According to the CEO of CODA the policy forms part of plans by the government to lift the traders out of poverty.

The association of market women says the gesture will impact positively on their activities.

They say it will also help mitigate the effect of COVID-19 on their lives.

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