Member of Parliament (MP) for Jomoro, Dorcas Affo-Toffey, has called for greater economic empowerment and financial literacy for women, emphasizing their critical role in Ghana’s economic development.
Addressing Parliament in a statement on Tuesday, she stressed the need for improved access to credit and financial education to unlock the full potential of women entrepreneurs.
According to Hon Affo-Toffey, women own nearly 44% of businesses in Ghana and contribute about 20% to the national GDP. However, many face barriers such as limited access to credit, lack of collateral and high-interest rates, which hinder their economic progress.
Jomoro MP
“Addressing these challenges is not just about fairness; it is about ensuring Ghana’s economic prosperity by unlocking the full potential of half of our population,” she stated.
She commended the government for allocating seed funding for the Women’s Development Bank in the 2025 budget, a move she described as a “bold step toward closing the financial gap for women.”
She said, “This initiative will ensure that women have access to affordable credit, business support, and financial tools tailored to their needs. This is how we empower women, create jobs, and grow our economy.”
Hon. Affo-Toffey pointed to successful international programs that have boosted women’s economic participation, citing India’s Self-Help Groups, Bangladesh’s Grameen Bank, and Rwanda’s Women’s Guarantee Fund.
The results, she said, are clear because when women have financial support, economies thrive, poverty declines, and national development accelerates and stressed that Ghana must fully embrace this model to achieve inclusive economic growth.”
According to the Jomoro MP, access to finance alone is not sufficient, advocating for nationwide financial literacy programs, particularly in rural areas.
“Women must be equipped with the knowledge to budget, invest, and expand their businesses. With mobile money and digital banking becoming dominant, it is crucial that women understand how to leverage these tools for financial growth,” she stated.
Hon. Affo-Toffey urged the government, financial institutions, and development partners to implement nationwide financial literacy programs targeting urban and rural women; provide business development training to equip women with entrepreneurial skills and strengthen policies that encourage inclusive financing and fair lending practices for women entrepreneurs.
The Jomoro MP reinforced the importance of supporting women in business, emphasizing that economic empowerment is key to national development.
She noted that the Women’s Development Bank is not just about providing loans but about creating economic opportunities, reducing poverty, and empowering women to take charge of their financial destiny.
“Women do not just deserve a seat at the economic table; they have earned it,” she stressed.