President John Dramani Mahama has disclosed that Vice President Jane Naana Opoku-Agyemang is expected to present a formal resolution on the government’s proposed Women’s Development Bank at the next Cabinet meeting as plans for the establishment of the institution continue to advance.
Speaking during a citizens’ engagement held at Ndewura Jakpa Senior High School in the Savannah Region on Saturday, May 23, President Mahama said the government is making steady progress toward fulfilling one of its key 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 on the proposed bank, outlining the necessary framework and progress made so far toward establishing 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 explained that the creation of a financial institution involves several regulatory and administrative processes that must be carefully followed to ensure the bank is properly established in accordance with Ghana’s banking laws and financial regulations.
“The thing is, for financial institutions, you don’t 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.”
The President further disclosed that the government has already secured significant financial backing for the project, revealing that a seed capital of GH¢450 million has already been allocated and is currently awaiting the official commencement of the bank.
“But as you are aware, the Minister of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH450 million can be the capital of the bank.”
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