Tuesday, 25th March, 2025
Hon Dorcas Toffey
Jomoro
Thank you, Mr Speaker, for allowing me to speak on an issue that is not only fundamental to gender equality but also critical to Ghana’s economic growth, the economic empowerment and financial literacy of women.
Mr Speaker, for too long, women, despite their significant contributions to our economy, have faced barriers to financial inclusion. Nearly 44 per cent of businesses in Ghana are owned by women. Yet, they struggle to access credit, investment opportunities, and financial education. Addressing these challenges is not just about fairness – it is about ensuring Ghana’s economic prosperity by unlocking the full potential of half of our population.
Mr Speaker, I would like to commend His Excellency the President and the Hon Minister for Finance for their commitment to women’s economic empowerment by allowing seed funding for the Women’s Development Bank in the 2025 Budget.
Mr Speaker, this initiative is a transformative step toward bridging the financial gap for women, ensuring that they have access to affordable credit and financial resources to grow their businesses. Mr Speaker, it is a fact that when women thrive economically, families are lifted out of poverty, communities develop, and national economies grow.
Mr Speaker, women’s businesses in Ghana contribute approximately 20 per cent to our GDP, making them key drivers of economic progress. Yet, despite their hard work, many women are unable to access financing due to lack of collateral, high interest rates, and limited financial education. This is why the Women’s Development Bank is not just a financial institution – it is a pathway to economic independence for millions of Ghanaian women.
Mr Speaker, Ghana is not alone in recognising the need for tailored financial support for women. Many countries have successfully implemented similar initiatives with remarkable results. India’s self-help groups have empowered millions of women by providing access to credit, financial training, and business support. This model has helped women create sustainable livelihoods and strengthen local economies.
Mr Speaker, Bangladesh’s Grameen Bank has demonstrated the power of microfinance, helping women transition from small subsistence businesses to profitable enterprises. Rwanda’s Women’s Guarantee Fund has made it easier for women to access loans without the burden of strict collateral requirements, significantly increasing their participation in economic activities.
Mr Speaker, the lesson here is clear; when women have access to financial resources, they reinvest in their families, businesses, and communities, driving national development. Ghana must follow this proven model to maximise the potential of our women.
Mr Speaker, access to finance alone is not enough. Financial literacy is key to ensuring that women can effectively manage their resources, invest wisely, and build sustainable businesses.
Mr Speaker, with mobile money and digital banking becoming more dominant in Ghana, it is crucial that women, especially those in rural areas, are equipped with the knowledge to use these financial tools to their advantage. I, therefore, urge the Government, financial institutions, and stakeholders to implement nationwide financial literacy programmes targeting women in both urban and rural areas, and provide business development training to help women manage and expand their enterprises, and strengthen policies that encourage inclusive financing for women entrepreneurs.
Mr Speaker, a financially literate woman is an empowered woman. An empowered woman is a force for national development. Investing in women is investing in Ghana’s future. The establishment of the Women’s Development Bank is a bold and visionary step towards removing financial barriers for women and enabling them to become key players in Ghana’s economic transformation.
Mr Speaker, women do not just deserve a seat at the economic table. They have earned it. It is our responsibility as leaders and lawmakers to break down the barriers that hold them back and create an economy where women can thrive.
Mr Speaker, let us support this initiative and work collectively to build a Ghana where every Ghanaian woman has the financial power to succeed. I thank you.
Hon Kojo Oppong Nkrumah
Ofoase Ayirebi
Mr Speaker, I am grateful for the opportunity to comment on the Statement ably delivered by our Colleague, the Member of Parliament for Jomoro.
The subject matter that she raises is one that is of importance to the majority of Ghanaians, and majority of Ghanaians are women.
Mr Speaker, a lot of our women are involved in economic ventures and require financial support. Visits to the traditional banks sometimes create difficulties for many of our women. That is why, first, it is exciting that the two leading political parties agree that women should be supported financially. Ahead of the last election, our Colleagues on that Side were talking about the Women’s Development Bank, and we on this Side were talking about the Women’s Trade Empowerment Fund.
Mr Speaker, if today the people of Ghana have voted for the Women’s Development Bank option, we have to help ensure that it succeeds. Unfortunately, Mr Speaker, the current allocations that are being made aimed at helping it succeed are worrisome. GH₵51 million will not even meet the capital requirements of a bank in Ghana.
So while in principle, the idea is good, it would have been better to have opted to use that money for a fund, which initially is what we had proposed. But be that as it may, today the idea is a bank. I think that all of us, in agreeing with our Colleague, the Member of Parliament for Jomoro, should also endeavour to encourage the Government to quicken its efforts to significantly fund this initiative. Else, it will not succeed in achieving the objects that we desire across the political divide.
And with that said, Mr Speaker, once again I commend the maker of that Statement. Thank you, Mr Speaker.
Hon Misbahu Mahama Adams
Mion
Mr Speaker, thank you for the opportunity.
Mr Speaker, let me start by commending the maker of the Statement for bringing the issue of women once again to the fore. Before I start, I wish to take the opportunity to once again congratulate Her Excellency, the Vice President of the Republic of Ghana, who, as we speak today, is the first woman to have risen to such heights.
Mr Speaker, just yesterday, the Vice President was sworn in as the Chairperson of the Armed Forces Council, the first ever to happen in the history of Ghana. This Government is committed to promoting the welfare of women, and so far, we have seen that in all its actions.
Mr Speaker, we have seen in the 2025 Budget an amount that has been committed to providing sanitary pads to our girls in the basic schools.
Mr Speaker, there is also a provision of a whopping GH₵51 million to be used to start the Women’s Development Bank. I believe this and many other initiatives that will come along the way will help in promoting the welfare of women.
Mr Speaker, I thank you so much for the opportunity.
Hon Michael Baafi Okyere
New Juaben South
Thank you very much, Mr Speaker. I want to commend the maker of the Statement for this wonderful Statement delivered this afternoon on the floor of Parliament. I guess we all will want to commend her for this wonderful Statement because of the fact that it is about women. And when women are empowered, the whole society becomes happy, which is important.
On this note, Mr Speaker, I would like to say that looking at the way NPP gave credence to a policy that they wanted to bring, talking about the Women’s Development Bank, we are so sure that the Women's Development Bank was going to be a bank that was going to create opportunities for women. This is also going to give women in this country the opportunity to access loans so that they can undertake their business successfully. Unfortunately for us, the Minister for Finance, only in his Budget Statement to this House, gave a paltry GH₵51 million, which is not even close to the initial capital to start a bank, let alone a development bank in this country.
Mr Speaker, I would like to pray and plead with you to push for that correction to be made because it was a mistake for H. E. the President, through his Minister for Finance, to give only a paltry GH₵51 million as initial capital, which is not supposed to be the case. It would not even be adequate for them, so that at least women can be empowered to be able to undertake their project.
Mr Speaker, on this note, I would like to urge my fellow custodian to sit down so that I can continue my—Thank you very much, Mr Speaker.
Hon Frank Afriyie
Afadjato South
Mr Speaker, let me thank you so much for the opportunity to add a word or two, and proceed with your leave, to pat the maker of this important Statement on the back. She has proven not only to be beautiful in body, but very deep in knowledge.
Mr Speaker, the crucial role that women play in our economy cannot be underestimated. We ought to celebrate them every now and then, with all the force that we can marshal. Our wives, sisters and aunties play a very crucial role in the economic aspect of this country. They engage in direct production, they serve as aggregators, they engage in marketing and all other aspects of the value chain.
Mr Speaker, it is important to know that the maker of the Statement could not have made a better choice than looking at very reliable sources of credits to empower our women. Indeed, it has been their headache and we in Ghana cannot reinvent the wheel because examples exist out there. And she has duly mentioned in her Statement the Indian Self-Help Group as well as Bangladesh Grameen Bank. We in Ghana should embrace this idea of Women’s Development Bank. I am exceedingly grateful to His Excellency John Dramani Mahama for the foresight. Indeed, our Colleagues on the other Side are making issues with the seed capital of GH₵51 million.
Mr Speaker, even Rome was not built in a day and so a bank must have infrastructure. We need offices We need offices; we need a lot before we come to the capital itself. For us in Afadjato South Constituency, we really are grateful and I pray that since I do not have any single bank in my Constituency, we may begin with the Women’s Development Bank from the Afadjato South Constituency.
Mr Speaker, once again, I thank you and I thank the maker of the Statement very much.
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