Absa Bank Ghana has pledged a significant support package to traders affected by the devastating January 2 fire outbreak at Accra’s Kantamanto Market, offering a reduced interest rate of 10% on loans and donating GH¢150,000 in relief items.
The announcement was made when a delegation led by Mr. Kobla Nyaletey, Executive Director of Retail and Business Banking at Absa Bank Ghana, visited the market to empathize with victims and present the bank’s contribution.
The support package comprises GH¢100,000 in cash and GH¢50,000 worth of roofing sheets, intended to help traders begin rebuilding their stalls and restoring their livelihoods. Representatives from all major trading associations in Kantamanto joined officials of Absa Bank at the presentation ceremony.
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Mr. Nyaletey conveyed the bank’s deep sympathy for the losses endured by the traders, describing the fire as a tragic setback for hardworking business owners. He emphasized that Absa Bank is committed to being a reliable partner in difficult times, particularly for Ghanaian small businesses that drive a large portion of the economy.
He highlighted that the 10% interest loan support is part of a broader initiative to cushion traders and help them restock or restart their businesses with eased financial pressure. According to him, the bank will also establish a presence within Kantamanto Market to bring banking services closer to traders, ensuring faster access to financial solutions and smoother transactions.
Mrs. Audrey Abakah, Director of SME, Agency Banking and Partnerships at Absa Bank Ghana, also reaffirmed the bank’s commitment to innovative SME support, noting that traders remain a critical pillar of Ghana’s commercial ecosystem. She assured market leaders that Absa Bank will continue to design solutions tailored to the unique needs of small businesses.
The gesture from Absa Bank adds to a growing list of institutions, corporate bodies and individuals who have donated or pledged support to assist affected traders in their recovery process. The January 2 fire destroyed several stalls and properties worth thousands of Ghana cedis, leaving many traders without stock or working capital.
As rebuilding efforts progress, the support from Absa Bank is expected to provide both immediate relief and long-term assistance to help restore commercial activity in one of Ghana’s busiest trading hubs.
Source: The High Street Business
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