Vice President Jane Naana Opoku-Agyemang is expected to present a formal resolution on the proposed Women’s Development Bank at the next Cabinet meeting as the government pushes ahead with plans to establish the institution.
The government was making steady progress toward fulfilling its campaign promise of creating the Women’s Development Bank to support women entrepreneurs, traders, and small-scale businesses across Ghana.
President John Dramani Mahama disclosed this during a citizens’ engagement at Ndewura Jakpa Senior High School in the Savannah Region on Saturday, May 23.
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According to him, the Vice President will submit a Cabinet report detailing the framework and progress made so far toward setting up the specialised financial institution.
“Work is progressing very fast. Indeed, at the next Cabinet meeting, the Vice President is supposed to table the resolution on the Women’s Development Bank. She will be giving a Cabinet report on the Women’s Development Bank,” President Mahama stated.
The President explained that establishing a financial institution requires strict regulatory and administrative procedures under the supervision of the Bank of Ghana.
“The thing is, for financial institutions, you don’t just get up and set up a financial institution. You have to go through a process, and the Bank of Ghana supervises that process to make sure that you set it up properly,” he said.
President Mahama further disclosed that the government has already secured funding for the project, revealing that the Minister for Finance, Ato Forson, has allocated GH¢450 million as seed capital for the bank.
“But as you are aware, the Minister of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH¢450 million can be the capital of the bank,” he added.
The proposed Women’s Development Bank formed a major part of the National Democratic Congress (NDC) campaign promises ahead of the 2024 general elections, with the initiative expected to improve access to credit and financial services for women-led businesses nationwide.