The Women’s Caucus of the National Association of Local Authorities of Ghana (NALAG) is calling on government to honour its commitment to establish a Women’s Development Bank to support female entrepreneurs.
Speaking to Adom News during an International Women’s Day event in Kumasi, the President, Helena Mensah, stressed that the proposed bank is critical to addressing the financial barriers women face in accessing capital to grow their businesses.
She recalled that government had earlier pledged to set up the institution to provide funding support for women traders and entrepreneurs, and urged authorities to follow through on that promise.
Ms Mensah also encouraged men to play an active role in promoting women’s empowerment by supporting leadership development and policies that advance gender equality.
The Ashanti Regional Women’s Caucus representative, Beatrice Kyei, also appealed to men to support women’s advancement and called on government to fully back the implementation of the recently passed Affirmative Action law, noting that it presents a key opportunity to increase women’s representation.
In a related development, former Municipal Chief Executive for Oforikrom, Gloria Temmah Gambrah, also emphasised the need to strengthen support systems for women.
The National Democratic Congress (NDC) first announced plans to establish the bank ahead of the 2024 election to provide capital for women-owned businesses and support their growth.
Vice President Prof. Naana Jane Opoku-Agyemang, then the party’s running mate, highlighted the importance of ensuring women entrepreneurs have access to capital, stating that the bank would provide credit to small-scale businesses.
She acknowledged the difficulties many female entrepreneurs face in securing funding due to high interest rates, stringent collateral requirements, and the lack of tailored financial products.
The new bank aims to address these challenges by providing affordable loans with flexible repayment terms, enabling women to grow and sustain their businesses.
ALSO READ:
