Professor Naana Jane Opoku Agyemang, Vice President of Ghana, convened a meeting with stakeholders to discuss the establishment of the Women’s Development Bank (WDB). The gathering included representatives from the Bank of Ghana, the Ministry of Finance, market queens, microfinance and susu operators, and members of the Vice President’s office committee.
During the meeting, the Vice President indicated that, this initiative shall align with the government’s commitment to empower women economically particularly those operating outside formal financial systems. She emphasized that President John Mahama had earlier announced plans to establish the WDB within 120 days and its role in providing financial support to women led businesses.
She further stated that the government has allocated GH¢51.3 million as seed funding to kickstart the bank’s operations. The Vice President then stated that the WDB aims to offer low interest loans, flexible repayment terms, and financial literacy training, as a way of addressing the unique challenges faced by women entrepreneurs, especially in the informal sector.
However, Prof Jane revealed that the initiative has faced criticism regarding the adequacy of the allocated funds. She stated that some stakeholders argue that the GH¢51.3 million falls short of the GH¢400 million capital requirement needed to establish a fully operational bank.
Despite these concerns, the Vice President was optimistic that the government recent engagement with stakeholders is geared towards advancing the WDB project.
The bank aims to create a financial institution that truly understands and serves the needs of Ghanaian women, fostering economic growth from the grassroots level, the Vice President concluded.
Stay connected with gheducate.com
Kindly share
