Traders told to stop the rush for loans from micro-finance companies

Market women and traders have been asked to refuse to be enticed into taking loans from the banks and micro-finance companies without a clear repayment plan.

Madam Esther Ayisi, a Koforidua-based Contractor and Businesswoman, said they should take time to consider the interest charges and convince themselves that they could make enough returns to meet these before going for the credit facility.

It is important for them to recognize that what is being offered by the financial companies is not free money and that this would have to be paid back at a cost.

She warned that ignoring to carefully study the loan conditions could only bring trouble to them and lead to the collapse of their businesses.

Madam Ayisi popularly known as “Obaapa Esther” made the call at a forum organized as part of the women’s week celebration by the Koforidua branch of the Winners Chapel, Ghana.

The event is an annual ritual of the church and focuses on the welfare and development of women.

Activities lined up for this year’s celebration include seminars on health, education and fighting poverty.

Madam Ayisi encouraged her colleague women to cultivate the habit of saving part of the profit on their daily sales and to fall on that in times of need.

“Doing this is far better because you would not pay any interest and there is also no pressure to pay back.”

Pastor Moses Quarshie, the Head Pastor, urged them to go into economic ventures to enable them to contribute to the family budget to bring peace and progress to their marriage.

He counseled young women to resist any temptation to exchange sex for job favors.

Source: GNA