Apetorgbor
is
a
Financial
Analyst
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Women
in
Ghana
have
historically
faced
significant
barriers
in
accessing
financial
resources,
limiting
their
economic
potential
and
contributions
to
national
development.
Former
President
Mahama’s
recent
promise
to
establish
a
Women
Development
Bank
is
a
strategic
initiative
aimed
at
addressing
these
disparities
and
empowering
women
entrepreneurs.
This
move
has
the
potential
to
transform
the
economic
landscape
for
women,
fostering
greater
inclusivity
and
equality.
I
congratulate
all
women
in
advance!
The
Importance
of
a
Women
Development
Bank
Addressing
Financial
Barriers
One
of
the
primary
challenges
women
face
in
Ghana
is
limited
access
to
finance.
Traditional
banks
often
have
stringent
requirements
that
many
women,
especially
those
in
rural
areas,
cannot
meet.
A
Women
Development
Bank,
tailored
to
the
unique
needs
of
women,
would
provide
accessible
financial
services,
including
loans,
grants,
and
savings
products.
This
would
enable
women
to
start
and
grow
their
businesses,
contributing
to
economic
growth
and
poverty
reduction.
I’ll
establish
National
Women’s
Bank
to
provide
financial
assistance
to
1m
women
businesses
–
Mahama
Promoting
Economic
Independence
Financial
independence
is
a
crucial
aspect
of
women’s
empowerment.
By
providing
women
with
the
means
to
generate
their
own
income,
a
Women
Development
Bank
would
promote
economic
self-sufficiency.
This
independence
not
only
improves
the
quality
of
life
for
women
and
their
families
but
also
enhances
their
bargaining
power
in
both
domestic
and
community
settings.
Supporting
Women
Entrepreneurs
Women
entrepreneurs
often
lack
the
necessary
support
and
resources
to
thrive.
A
Women
Development
Bank
could
offer
tailored
financial
products
and
services,
as
well
as
business
development
training
and
mentorship
programs.
This
support
would
help
women
entrepreneurs
navigate
challenges,
innovate,
and
scale
their
businesses,
ultimately
contributing
to
a
more
dynamic
and
diverse
economy.
Reducing
Gender
Inequality
Establishing
a
Women
Development
Bank
is
a
step
towards
reducing
gender
inequality
in
the
financial
sector.
It
would
provide
a
dedicated
platform
to
address
the
unique
challenges
women
face
and
promote
gender-sensitive
policies
and
practices.
By
doing
so,
it
would
contribute
to
broader
efforts
to
achieve
gender
equality
in
Ghana.
Calling
for
Support
from
Women’s
Groups
and
Organizations
The
realization
of
President
Mahama’s
promise
requires
the
concerted
efforts
of
various
stakeholders.
Women’s
groups
and
organizations,
both
national
and
international,
have
a
pivotal
role
to
play
in
supporting
this
initiative.
Advocacy
and
Awareness
Women’s
groups
should
actively
advocate
for
the
establishment
of
the
Women
Development
Bank.
Raising
awareness
about
the
potential
benefits
of
this
initiative
can
garner
public
support
and
put
pressure
on
policymakers
to
prioritize
its
implementation.
Collaboration
and
Partnerships
National
and
international
women’s
organizations
can
collaborate
to
provide
technical
expertise,
funding,
and
other
resources
necessary
for
the
successful
establishment
and
operation
of
the
bank.
Partnerships
with
financial
institutions,
development
agencies,
and
government
bodies
can
further
strengthen
these
efforts.
Capacity
Building
Women’s
groups
can
engage
in
capacity-building
activities
to
prepare
women
entrepreneurs
to
effectively
utilize
the
services
offered
by
the
Women
Development
Bank.
Training
programs
on
financial
literacy,
business
management,
and
entrepreneurship
can
equip
women
with
the
skills
needed
to
succeed.
Monitoring
and
Evaluation
Once
established,
women’s
organizations
can
play
a
key
role
in
monitoring
and
evaluating
the
performance
of
the
Women
Development
Bank.
Ensuring
that
it
meets
its
objectives
and
effectively
serves
the
needs
of
women
will
be
crucial
for
its
long-term
success.
The
promise
of
a
Women
Development
Bank
by
President
Mahama
is
a
strategic
and
much-needed
initiative
for
women’s
empowerment
and
enterprise
in
Ghana.
By
addressing
the
financial
barriers
faced
by
women
and
promoting
economic
independence,
this
bank
has
the
potential
to
transform
the
lives
of
countless
women
and
contribute
to
national
development.
It
is
imperative
that
women’s
groups,
both
national
and
international,
rally
behind
this
initiative,
advocating
for
its
realization
and
providing
the
necessary
support.
Together,
we
can
look
into
the
future
with
optimism
and
work
towards
a
more
inclusive
and
equitable
society
where
women
are
fully
empowered
to
achieve
their
economic
potential.
Enyonam
Adzo
Apetorgbor
(Development
Finance
Expert
&
CEO,
KIPC)
July
9,
2024.