By Elizabeth PUNSU
The main opposition political party – National Democratic Congress (NDC) – has revealed plans to set up a ‘Women’s Development Bank’ to help address challenges with capital and promote female-run businesses in the country.
The party flagbearer, John Dramani Mahama, making a presentation at the Voice of Women (VOW) launch – the party’s vision for women in the country – emphasised that should Ghanaians give him the mandate to be president in the upcoming elections, he will allocate the cedi equivalent of US$20million as seed capital for the Women’s Development Bank.
“We have decided to establish the new WDB, which will focus exclusively on supporting women in enhancing their businesses and lifestyles. During our manifesto launch, we introduced a 120-day policy.
Within this timeframe, we will begin the licencing process for the bank and allocate seed funding of US$20million cedi equivalent. This initial capital will ensure that the bank can operate effectively from the start. Our goal is encouraging women to establish their businesses and create job opportunities for others,” he said.
Former President Mahama stated that the Women’s Development Bank’s (WDB) establishment would alleviate struggles faced by women burdened by the lack of even GH₵500 capital to start a business. He noted that most financial institutions in the country require collateral before issuing loans, making it challenging for women to access funding from commercial banks.
For savings and loans institutions and other financial entities, women are often subjected to high monthly interest rates which make it challenging for them to earn a profit – as much of their earnings are directed to loan repayment.
“They are made to pay between 7 and 10 percent interest per month, using all their profits to repay these loans…. which leaves them with nothing,” former President Mahama stated. “Often, some of these women default on payments ; leading to harassment and embarrassment from lenders. It is for these reasons that the NDC, when elected to power, will establish the Women’s Development Bank (WDB),” he added.
‘Edwumawura’ policy
Former President Mahama further indicated that under the ‘Edwumawura’ initiative, 10,000 artisanal youth will be selected to benefit from start-up capital for their businesses.
“Many of our youth and women need only a small amount of capital to get started. Our initiative, called ‘Edwumawura’, aims to support at least 10,000 young people each year, including bakers and others. We will assist them with startup funding and guidance.
After six months, our team will monitor their business growth and provide additional ideas and support. This process will continue for up to five years, ensuring that these businesses are well-established and able to thrive under any circumstances,” he said.
About VOW
VOW seeks to amplify the perspectives of Ghanaian women on issues affecting them and present the NDC’s broader vision for addressing these issues. It encompasses policies designed to address the challenges of women relating to women’s economic empowerment, political representation, health and wellbeing, rights and legislative reforms, environmental sustainability, gender-based violence and digital inclusion, among others.
