A national Executive Member of the National Democratic Congress (NDC), Cecilia Asaga, has indicated that NDC’s National Women’s Development Bank initiative will become a game-changer for Ghanaian women entrepreneurs.
At a training workshop in Accra, Ms Asaga assured the participants that the initiative aimed to address the financial challenges many women faced when trying to access funds to grow their businesses.
“The Women’s Development Bank will provide start-up capital for women-led businesses and advance low-interest loans to market women to help them expand their ventures,” she stated.
Access to capital
Ms Asaga mentioned that the initiative would also ease access to capital for already established women entrepreneurs, especially those in rural communities and the informal sector.
She also asserted that providing women with access to capital would enable them to expand their businesses, hire more employees, and ultimately contribute to reducing the country’s unemployment rate.
“The establishment of the Women’s Development Bank will not only support start-up businesses but will also provide existing women-led enterprises with the financial resources they need to scale up,” she added.
24-hour economy
Ms Asaga also revealed that the Women’s Development Bank was a key factor in the NDC’s 24-hour economy vision aiming to encourage productivity across all sectors.
“The Women’s Development Bank initiative has been carefully thought through and we cannot operate a 24-hour economy without a dedicated source of funding for the women businesses that will be driving this economy,” she added.
The proposed bank will also emphasise training women in financial literacy, financial management and basic bookkeeping to ensure that they can efficiently manage the loans and facilities extended to them.
According to Ms Asaga, this approach will empower women to make informed financial decisions, thus improving their chances of business success.
“We want to ensure that women are equipped with the knowledge to handle the loans and facilities provided, making them more financially savvy and capable of growing their businesses sustainably,” she said.
She also suggested that ensuring transparency, accountability and efficient management through corporate governance would be crucial in preventing the bank from becoming another political promise that fails to materialise.
Source: Graphic Online
