Collateral and high interest on loans choking our businesses – Women

Some women in the Awutu Senya East Municipality have lamented that the demand for collateral and high interest rates were choking their businesses.According to them, the collateral system of paying 10% puts their businesses under siege just a few weeks after acquiring the loan.Speaking on behalf of the women during the National Democratic Congress (NDC)'s Manifesto launch over the weekend, Deputy Central Regional Women's Organiser, Mrs. Janet Quansah, lamented that the 10% collateral coupled with high interest rates were 'collapsing' their businesses.She stated that the current requirements to qualify for a loan as a woman were draconian, hence the need to support the flagbearer's promise of establishing a Women's Development Bank when voted into office.'The fact is that the 10% collateral required by the banks in addition to the processing fees charged, render our loans inadequate after deductions are made and in no time our business collapse.'That is why all women must support Mr John Mahama and P rof. Opoku-Agyemang by voting for the NDC in the upcoming general elections to relieve women of the stress of collateral and high interest rates,' she said.Mrs Quansah added that due to unfulfilled loan payments, some women mostly abscond from their homes at dawn and return late at night.Awutu Senya West Women's Organiser, Mrs. Matilda Sorkpor, charged women not to allow such an opportunity to slip off their hands.'Every woman knows how stressful acquiring a loan can be, and it is very imperative that we all support this cause by voting for the NDC, come December 7, 2024,' she implored.Source: Ghana News Agency