The president of Ghana John Dramani Mahama has announced the establishment of Women’s Development Bank in what the financial institution will come and serve as secure source of financial support from the government to women businesses and entrepreneurs.
In a sector that is still developing, women businesses and economic establishments face vast financial inequity hampering the sector that has the potentials for rapid growth and development.
Since returning to administration in January this year, empowering women’s business financially has been a key Mahama government’s priority and understood to be one of the National Democratic Congress (NDC) campaign promises ahead of Ghana 2024 general elections.
Mahama is first facing this agenda at his State of the Nation Address at the 9th Parliament of the Fourth Republic on Thursday from Ghana’s Parliament House with a governmental task of creating Women’s Development Bank.
The women’s bank the president said will offer women-owned businesses tailored financial services and low interest rate loans. Terms under which women will secure loan from the set-up the president said will be flexible.
Consultations for the launch of the bank he said are already underway endorsing the beginning for Mahama’s administration to address large-scale gender inequity in political, social, economic, educational, and cultural spheres.
“The Women’s Development Bank will be a game-changer for women-led businesses, providing them with the financial tools they need to thrive,” the President stated.
Mahama’s administration will continue with a political mandate to interact with the nation on other issues with a presentation of the country’s budget by finance minister Cassiel Ato Forson next month March 11.
Mahama said the Finance Ministry’s budget presentation will provide information on allocated funding for the start of development of the bank.
In addition to the financial empowerment initiative, the President raised concerns about the low representation of women at the local government level and pledged that the Ministry of Gender, Children, and Social Protection would work towards encouraging more women to run for Metropolitan, Municipal, and District Chief Executive (MMDCE) positions.
Ghana’s traditional though weak women empowerment mission saw educationist Prof. Jane Naana Opoku-Agyemang running through the systems to become the Vice President of Ghana.
The number of females in top-ranked political positions remains small but there is country’s growing effort to get more women into top level development.
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