The ongoing war around the Strait of Hormuz is increasing operational and financial pressures on businesses in Ghana through prolonged shipping delays, rising financial obligations and congestion at the ports, President of the Ghana Union of Traders Associations (GUTA), Clement Boateng, has said.
Mr Boateng said although general business activities in 2026 had not been particularly bad, traders importing goods from the United Arab Emirates (UAE) were experiencing significant delays due to disruptions caused by the war.
Speaking on the 2027 Budget presentation, he explained that goods which previously took between 45 and 60 days to arrive in Ghana now required approximately three to four months because of shipping diversions.
He said the extended delivery periods were putting additional financial pressure on traders, particularly those who had taken loans to finance their imports.
“Assuming you’ve gone to take a facility from Mr. Wu’s people, it will be on your neck, because once you take a facility from them, the repayment starts the following month,” he said.
Mr Boateng called for a moratorium on loan repayments to provide traders with sufficient time to receive their goods, clear them and begin generating revenue before servicing their facilities.
He said the early commencement of repayments was creating difficulties for businesses whose imported goods had yet to arrive because of the shipping disruptions.
The GUTA President also identified congestion at the ports as another challenge affecting traders, explaining that increased cargo volumes had contributed to delays in clearing goods.
He said the combination of shipping disruptions and port congestion was extending the period traders had to wait before accessing their goods and recovering their investments.
Source:Newspyramid.com
