Adum fire: Amenfiman Rural Bank sets aside GH₵35m in loans for affected clients

The Amenfiman Rural Bank has allocated GH₵35 million for traders affected by the Blue Light Market fire in Adum, Kumasi.

The bank is reducing loan interest rates by four to six percent. This reduction depends on individual cases presented.

To support clients with existing loans, the bank offers loan re-negotiation options.

Dr. Alexander Asmah, the Chief Executive Officer, stated that the bank is cutting upfront charges by fifty percent. They also have a collateral-free loan package called Donkomi Promo. Many affected traders have subscribed to this package and will receive concessions.

Dr. Asmah noted that not all interviewed traders need immediate cash. Some require assistance finding new shops or re-negotiating trade arrangements. The funds will help those who need cash urgently.

According to the National Disaster Management Organisation, about 2,900 traders were impacted by the fire in Adum. Of these, 1,500 people reported they cannot feed themselves. The government is providing food support to these individuals.

Traders can benefit from loans with a repayment start date of three months after disbursement. While all affected traders can apply, existing customers will be prioritized.

To assist in rebuilding efforts, the bank donated GH₵200,000 to affected traders.

One impacted trader is Obed Owusu, who runs XGEE Collection boutique at Blue Light Market. He opened his shop a year ago with a loan that he has not fully repaid due to the fire's destruction.

Obed shared that he received GH₵500,000 from Amenfiman Rural Bank for his business. He was two payments away from completing repayment when the fire occurred but hopes to rebuild with another promised loan.

Traders are waiting for authorization to begin rebuilding their businesses. Obed and others are making plans to restart operations soon.

The offer from Amenfiman Rural Bank includes reduced interest rates and presents opportunities for interested traders looking to rebuild their businesses.