The Member of Parliament for Trobu, Gloria Owusu, has expressed concern about the delay in setting up the Women’s Development Bank.
She said it is worrying that the bank has still not been established even though the government announced that GH¢401 million has been set aside for it.
According to her, many Ghanaian women, especially traders, farmers and small business owners, are still waiting for the financial help that was promised through the project.
Ms Owusu explained that the delay is making life harder for many women who need support to grow their businesses and improve their livelihoods.
She also said cocoa farmers have already felt disappointed by the government, and now many Ghanaian women are beginning to feel the same way about the promise of the Women’s Development Bank.
Her comments come after President John Dramani Mahama announced during his State of the Nation Address that GH¢401 million had been allocated to establish the bank.
The Women’s Development Bank is expected to provide loans, mentorship and business support to women entrepreneurs. It is meant to help women who often struggle to get loans from traditional banks.
However, Hon. Owusu questioned why the bank, which was promised more than a year ago, is still not operating.
“The Women’s Development Bank that was promised over a year ago has still not been established. Where is it?” she asked.
She said women across the country were given hope that this bank would support their businesses, and many are still waiting for that promise to become a reality.
“Women traders, farmers and entrepreneurs are waiting for the support they were promised,” she said.
The Trobu MP warned that the long delay could slow down efforts to help women become financially independent and contribute more to the country’s development.
Meanwhile, some critics believe that although the GH¢401 million may meet the basic capital requirement for a bank, it might not be enough to run a strong nationwide financial institution.
Financial experts say more funding or partnerships with existing banks may be needed to make the Women’s Development Bank effective and sustainable.
Ms Owusu has therefore called on the government to speed up the process so that the bank can start operating and provide the support Ghanaian women have been waiting for.
