He said loans from banks have the potential of ‘killing’ their businesses entirely. He noted that the percentage that one has to pay for a loan secured from the bank is exorbitant, entreating businessmen not to secure loans from banks.
“In Britain the percentage that one has to pay for collecting loan is around 0.5 percent of the money collected but sadly in Ghana the percentage for a loan is now around almost 40 percent,” he said in an interview.
Rahman Saeed was of the opinion that the loan system in Ghana favoured the banks and not businessmen.
Asked about where small business operators should go in order to obtain funds to support their businesses, he said “they should cultivate the habit of saving the small income that they get at the initial stages of business.”
According to him, since there is an adage that ‘small drops of water makes a mighty ocean’ he is hopeful that businessmen would raise capital on their own if they learn to save.
Rahman Saeed was speaking to CITY & BUSINESS GUIDE at the officially opening of the first shopping mall at Zongo, a suburb of Kumasi on Tuesday.
Christened ‘Cash Money Plus,’ the shopping mall, which is solely owned by Rahman Saeed, deals in household items like fridges, television sets, among others.
He noted that he managed to save money from his own small businesses before coming up with the great edifice, urging his other businessmen to emulate him.
Rahman Saeed decided to set up his business at a densely populated Zongo community because he is of the conviction that whatever others can do the Zongo people can even do better.
He admonished businessmen not to make the love of money override their emotions, but rather wait patiently for Allah to bless them, adding that businessmen should also go in for movable goods so as to grow their businesses rapidly.
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Businessmen Warned Over Loans