By Belinda Nketia
In a step towards empowering women in the business sector, President John Dramani Mahama has announced the establishment of a Women’s Development Bank aimed at providing women-owned businesses with low-interest loans and tailored financial services.
The initiative, which is part of the government’s broader commitment to gender equity, is set to revolutionize financial support for women entrepreneurs across Ghana.
During his State of the Nation Address at the 9th Parliament of the Fourth Republic, President Mahama stated that the Women’s Development Bank would play a crucial role in empowering women by offering financial tools designed specifically to support their businesses. The bank will provide low-interest loans and flexible terms to help women overcome financial barriers and boost their entrepreneurial endeavors.
“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. He also confirmed that consultations for the bank’s launch are already underway, with plans for the Finance Ministry to allocate initial funding in the upcoming budget presentation as part of the government’s 120-day social contract.
This new initiative complements the Affirmative Action Act, 2024 (Act 1121), which seeks to address gender inequality in various sectors, including political, social, economic, educational, and cultural spheres. As part of his address, President Mahama reaffirmed his government’s commitment to meeting the Act’s target of having women occupy 30% of political positions.
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.
