The Ghana Union of Traders Association, GUTA has commended Republic Bank Ghana, for Loan Repayment Deferment for customers and the staff of the Bank for a period of six months in response to the COVID-19 pandemic.
This move comes on the back of GUTA’s plea to Banks to exercise patience on their members owing them. In a statement copied to Business News by GUTA, it disclosed, that the Bank has also introduced an automatic waiver on excess and late fees on loan repayment until June 30th, 2020.
In another statement signed by the Managing Director of Republic Bank Ghana, Farid Antar to GUTA it said the Bank will cushion cash flows in order to take precautionary measures to protect their families and the public from COVID-19.
The Bank explained that the loan Repayment Deferment is currently available upon request and must be applied at the Banks respective Branch, Corporate Managers or Relationship Officers by telephone, email or completing an online deferment offer form available from March 27th, 2020 on the website of the Bank, www.republicghana.com. GUTA is urging all members, customers and staff of the Bank to take advantage of this opportunity and apply as stated by the Bank.
Meanwhile, President Akufo-Addo on Friday evening announced that movements in some urban areas in the country will be restricted from today for two weeks as part of the government’s measures to control the spread of the virus.
The lockdown affects areas in Accra, Tema, Kasoa and Kumasi, where significant numbers of infections have been recorded. However, GUTA has advised its members and the trading community to adhere to the President’s directives to fight the Coronavirus pandemic.
Story By: Mabel Adorkor Annang
