On The John Mahama Promise of a National Women’s Development Bank

A National Women Development Bank can provide vital financial support to women entrepreneurs in the country, empowering them to grow their businesses and contribute to the country’s economic development.

By situating these banks in various markets across Ghana, it will increase accessibility and reach more women, especially in rural areas if properly executed and the right persons appointed to spearhead.

Some potential benefits of this initiative can include:

1. Financial Inclusion: Providing access to loans and financial services for women who may have been previously excluded.

2. Economic Empowerment: Enabling women to start, expand, or improve their businesses, leading to increased economic independence and self-sufficiency.

3. Job Creation: Supporting women-led businesses can lead to job creation and employment opportunities for others.

4. Market Growth: Injecting capital into women-owned businesses can stimulate market growth and economic activity in various sectors.

5. Social Impact: Empowering women can have a positive impact on their families, communities, and society as a whole.

It’s essential to ensure that the bank’s services are tailored to meet the specific needs of women entrepreneurs, including:

1. Affordable Interest rates [this Prof Jane has said might even be interest free]

2. Flexible repayment terms. [Both JM & Prof Jane have intimated that they will pay back the principal after they start making profit]

3. Accessible loan application processes [Since the Bank will be situated in the various markets, the hustle of having to go elsewhere to access this initiative is eliminated]

4. Business training and mentorship programs [Again Prof Jane has said that Entrepreneurial advice will be given to these women]

5. Networking opportunities [of course, the supply chain that this initiative would offer can only be attained if properly documented and an effective supervision as well as Monitoring and Evaluation measures are put in place]

If implemented effectively, the National Women Development Bank can be a game-changer for women’s economic empowerment in the country for which other neighboring countries could learn from towards ensuring our continent is raided off poverty.

Lawrence Roland Arthur
Accra, Ghana