Ecobank Ghana stands with Kantamanto traders after devastating fire

Ecobank Ghana has taken decisive steps to support traders affected by the devastating fire outbreak at Kantamanto Market in Accra.

During a visit to the site, Managing Director and Regional Executive for the Anglophone West Africa (AWA) region of Ecobank  Mrs. Abena Osei-Poku expressed the bank’s solidarity with the victims and announced a series of measures aimed at easing their financial burdens and aiding their recovery.

The Kantamanto fire, which destroyed goods worth millions of cedis, has left many traders grappling with significant losses, threatening the survival of their businesses.

Recognizing the critical role small and medium enterprises (SMEs) play in Ghana’s economy, Mrs. Osei-Poku assured traders of Ecobank’s commitment to their recovery.

Financial Support Tailored to Traders’ Needs

As part of its intervention, Ecobank Ghana was ready to roll out  financial support initiatives, including:

• Concessionary Interest Rates: Traders will benefit from reduced interest rates, ensuring more manageable repayment terms.
• Moratoriums: A grace period introduced, allowing affected customers time to recover before resuming loan repayments.
• Flexible Repayment Plans: The bank will work directly with traders to customize repayment schedules, taking into account their specific circumstances and business recovery timelines.

Mrs. Osei-Poku noted  that Ecobank’s approach goes beyond standard banking practices. “This is about more than just doing business; it’s about doing good while doing business,” she said, highlighting the importance of fostering resilience among SMEs during challenging times.

Relationship-Based Banking

In line with Ecobank’s philosophy of relationship-based banking, Mrs. Osei-Poku noted that many of the affected traders have long-standing relationships with the bank. Leveraging this history, the bank is poised to provide tailored solutions that align with each trader’s track record and recovery needs.

She added that banking should be a partnership built on mutual support, especially during times of crisis. By prioritizing the well-being of its customers, Ecobank aims to help traders rebuild their businesses while maintaining economic stability within the Kantamanto market and beyond.

Introducing Recovery-Oriented Solutions

During her visit, the Ecobank team also educated traders on various banking products and solutions designed to help them recover and sustain their businesses. This includes tools to enhance cash flow management, digital banking platforms for seamless transactions, and tailored financial advice to navigate the post-fire recovery period.

A Systemically Important Institution in Action

As one of Ghana’s systemically important banks, Ecobank Ghana has a long history of supporting SMEs and fostering economic development. This latest intervention underscores its critical role in bolstering the resilience of Ghana’s business community.

Mrs. Osei-Poku reaffirmed Ecobank’s dedication to sustaining businesses and empowering Ghana’s entrepreneurs. “Regardless of the times, we are here to support one another and ensure that businesses in Ghana continue to thrive,” she said.