The Government has allocated GH₵51.3 million as seed fund for the establishment of the Women’s Development Bank (WDB).
Mr. Cassiel Ato Forson, Minister of Finance, made this known when he presented the Budget Statement and Economic Policy of Government for the 2025 Financial Year in parliament on Tuesday, March 11.
“Mr. Speaker, we have also allocated GH₵51.3 million as seed fund for the establishment of the Women’s Development Bank.” Mr Forson said.
This was in fulfillment of President John Dramani Mahama’s promise during the presentation of the State of the Nation Address (SONA) on February 27 that initial funding for the establishment of the Bank would be provided for in the budget statement.
But despite the provision of the funds, the Finance Minister did not state when the Bank would be launched though President Mahama indicated during the SONA that the launch would commence soon.
Meanwhile, the purpose for the establishment of the Bank was succinctly laid down in President Mahama’s SONA.
In that address, he indicated that the Bank would serve as a specialised financial institution designed to support businesses owned and led by women through low-interest loans and tailored financial services offered under flexible terms.
He also said the initiative was geared towards enhancing access to crucial resources and opportunities particularly for young women.
He further indicated that as a social democrat, he was committed to eradicating all forms of discrimination in society, foster fairness and cultivate an inclusive environment where people engaged fully and equally in social, economic, and political life hence the establishment of the Bank.
Additionally, he said the establishment of the Bank was part of his administration’s agenda of empowering women.
GNA
