President John Dramani Mahama has announced that Vice President Jane Naana Opoku-Agyemang will present a formal resolution on the government’s proposed Women’s Development Bank at the next Cabinet meeting, marking a major step toward establishing the institution.
Speaking during a citizens’ engagement at Ndewura Jakpa Senior High School in the Savannah Region on Saturday, May 23, President Mahama said preparations for the initiative are progressing steadily.
The proposed bank is a key component of the administration’s commitment to empowering women economically, particularly market women and small-scale entrepreneurs across the country.
According to the President, the Vice President is expected to submit a detailed Cabinet report outlining the institutional framework and milestones achieved so far.
“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,” he stated.
President Mahama stressed that establishing a financial institution requires strict compliance with regulatory 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 that process is supervised by the Bank of Ghana to make sure that you set it up properly,” he explained.
The President further disclosed that the government has already secured substantial seed capital for the initiative, with GH¢450 million set aside pending the operational commencement of 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 is expected to provide affordable credit and specialized financial services tailored to women-owned businesses, an intervention the government believes will strengthen inclusive economic growth and expand opportunities for female entrepreneurs nationwide.
Story: Patrick Asford Boadu
