Trade Union Congress (TUC) has announced its intention to establish a Ghana Labour Bank.
This bank will offer soft loans to all members of the Trade Union Congress.
Dr. Yaw Baah, the Secretary General of TUC, announced this initiative during the 11th Quadrennial Conference of the GPRTU held in Gomoa Fetteh in the Central Region on Thursday July 4, 2024.
“Yesterday, the TUC General Council met, and we have agreed that we are going to set up a Ghana Labour Bank”.
“The Labour Bank will serve two purposes by providing loans for our members so that you can either procure a house or purchase a vehicle,” he explained.
One of the numerous financial related challenges members of the Union are currently facing is the high interest rates.
TUC members face challenges of accessing due to the high-interest rates charged by traditional financial institutions.
This makes it difficult for workers to afford borrowing, limiting their ability to finance personal and business needs.
Also, many union members, particularly those in lower-income brackets, struggle to access credit due to stringent requirements imposed by banks.
This includes the need for collateral, which many workers do not possess.
Consequently, the TUChas taken this decision to complement efforts of banks in issuing loans to workers.
The Trade Union Congress (TUC) in Ghana is the main umbrella organization for trade unions in the country.
It represents the collective interests of its member unions, advocating for workers’ rights, fair wages, and better working conditions.
The TUC engages in negotiations with employers and the government to secure favorable terms for workers and plays a crucial role in shaping labor policies in Ghana.