Cabinet to consider Women’s Bank resolution at next meeting - Prez Mahama

President John Dramani Mahama has announced that Vice President Jane Naana Opoku-Agyemang will present a formal resolution on the proposed Women’s Development Bank at the next Cabinet meeting, as government efforts to establish the institution continue to advance.

Speaking during a citizens engagement at Ndewura Jakpa Senior High School on Saturday, May 23, President Mahama said the government is steadily moving toward fulfilling one of its major campaign promises aimed at economically empowering women, particularly market women and small-scale entrepreneurs across the country.

According to the President, the Vice President will present a Cabinet report detailing the framework and progress made so far toward setting up the specialised financial institution.

“Work is progressing very fast. Indeed, at the next Cabinet meeting, the Vice President is supposed to table the resolution on the Women’s Development Bank. She will be giving a Cabinet report on the Women’s Development Bank.”

President Mahama noted that establishing a financial institution requires strict adherence to regulatory and administrative procedures to ensure compliance with Ghana’s banking laws.

“The thing is, for financial institutions, you do not just get up and set up a financial institution. You have to go through a process, and that process is supervised by the Bank of Ghana to make sure that you set it up properly.”

He further disclosed that the government has already secured key financial support for the project, revealing that seed capital of GH¢450 million has been allocated and is currently awaiting the bank’s formal commencement.

“But as you are aware, the Ministry of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH¢450 million can be the capital of the bank.”