GRANT YOUR CLIENTS TWO WEEK LOAN REPAYMENT HOLIDAY Dir. Policy and Research
The global pandemic has succeeded in bringing most businesses on their knees, making thousands of people lose their jobs within these few months of the spread with many more expected to lose their businesses and jobs in the coming weeks.
As we speak, Ghana is under a two week lockdown; worsening the business and financial crisis in our country. Since most businesses, especially those in the informal sector have closed down due to the president’s directive, it is going to increase the financial burden of the populace.
It is a well known fact that majority of the informal businesses largely survive on loans hence the lockdown, halting their businesses has created a huge burden on them as they cannot afford to pay their weekly loans as in the agreements with their banks. These traders are crying bitterly as their banks are chasing them to pay the loans even though their businesses are not operating under this lockdown.
Most of these banks and financial institutions have already started slapping their customers with a 15% to 25% penalties for their inability to pay their weekly loans as in the agreements; even though such businesses are under a lockdown.
As a result of the situation we find ourselves in, we of E.G.S hereby call on all financial institutions to add a human face to the situation and kindly grant their non food trading clients a loan payment holiday for these two weeks lockdown. This is because it wasn’t deliberate that these clients have locked their shops. We all know it is mandatory close down hence most cannot obey their loan repayments within this lockdown period hence the need for a grace period to be given them.
Should we refuse to grant these customers a repayment holiday within this period…and go ahead to slap them with a penalty for their inability to pay within this lockdown period, most of these banks shall lose their clients when business resumes, lots of these petty businesses shall collapse, few clients may die as a result of the pressures that come with the penalty payments etc.
We are all affected in one way or the other in this lockdown period hence we must all help in our own little way to bring our businesses back to life when the lockdown is over. This is the reason why we are calling on banks and financial institutions to grant their clients who have been affected by the lockdown, a two week loan repayments holiday in order to keep them in business.
We also call on the government to issue a communique to this effect to all financial institutions so we can keep our traders in business after the lockdown so we don’t collapse the spine of the economy of our country.
We are looking forward to hearing the financial institutions take this humane action to help save businesses and lives.
Fellow Ghanaians, do not let challenges ruin your relationship, hardships are just tests that’ll make your bond stronger. We are one people.
CEO, Educationist, Author and Motivational Speaker.
Akoto Prosper Dyon
E.G.S….We Educate The Nation