Home / GENERAL NEWS / Over 50 Shops In Abossey Okai Closed Due To Default In Loan Repayment

Over 50 Shops In Abossey Okai Closed Due To Default In Loan Repayment

Spread the love

Over 50 shops at the Abossey Okai Spare parts market have shut down their operations due to default in paying their loans.

Some of the owners of the shops blamed the situation on the high cost of doing business in the country, as a result of high inflation and volatilities in the exchange rate regime earlier this year.

They also cited high taxes at the port as contributing to the default in repaying their loans.

“A lot of traders go for loans to import goods to the market. Due to the high cost of port duties and the unstable exchange rate regime, we are compelled to increase prices but at the end, customers don’t buy and we lose”, a trader who gave his name as Julius said.

According to Julius, many of his colleagues have to leave the country in search of better opportunities to pay back their loans.

See also  We Are Given You 3 Months To Fulfill Your Promise 0r Face Our Anger - Cocoa Farmers To Nana Addo

“It is not easy my brother. A lot of people are travelling outside the country to look for better conditions. Why operate a shop here when you can’t break even”.

Expressing his disappointment, Julius said he is unhappy with the current economic situation in the country and as a result will also leave for Dubai for a carpentry profession.

“Listen! We don’t have any business to do. All we have is what we do here. Look at the shops, they are all closed with no spare parts in there. Do you know why? They have all travelled because the banks are chasing them for repayment of the loans which they can’t repay.

 

“The only option now is to travel abroad, get some monies and pay your debt. I don’t think you will meet me here in your next visit. I am also going to Dubai to make money”” he said.

See also  CHRAJ Petitioned Over Cost Of 280,000 Laptops For Teachers

Kwesi, who primarily deals in automobile engines, had to rely on his children living abroad to pay a local bank a loan for ₵2 million, which, in his words, almost got him imprisoned.

 

He stated that the operations of the spare parts merchants are being hampered by the failure to implement pricing control policies.

“They came to my shop with some policemen. To be frank with you, the goods I used the money for were in the shop and buyers were not willing to buy because of the price. I had wanted to resort to reduction of the goods which means I won’t be able to recoup my principal I used to purchase the goods”

See also  Kasoa : Football Coach Arrested For Sodomizing 13-Year-Old boy

 

“I would be happy if we could have price control, but it appears it won’t work out because people just want to sell their goods just to stay in business. The issue of taxes too is a big problem for us”, he stated

 

 

 

 

Thanks for reading from MyGhanaMedia.com as a news publishing website from Ghana.

 

Source:  Citinewsroom

 

Disclaimer: MyGhanaMedia.com is not responsible for this report and its content.
There are four types of content published on   MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content.

 

 

 

 

 

 

 

 

 

 

 

Send your news stories to my[email protected] and Chat with us via WhatsApp on +233 200818719

 

 

About Adwenpa-Hene

I'm Adwenpa-Hene |Blogger & Broadcaster Journalist. I am the CEO and manager of this noble website. I publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: [email protected] Contact Us: 0200818719

Check Also

Over 30,000 Ghanaian Passports Left Uncollected – Foreign Ministry

Spread the love The Ministry of Foreign Affairs and Regional Integration has said over 30,000 …

Leave a Reply

Your email address will not be published. Required fields are marked *