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

Speaking during a citizens’ engagement at Ndewura Jakpa Senior High School on Saturday, May 23, President Mahama said steady progress is being made toward delivering one of the government’s major campaign promises focused on empowering women economically, especially market women and small-scale business owners across the country. According to him, the Vice President will submit a Cabinet report outlining the framework and steps taken so far toward setting up the specialised financial institution. “Work is progressing very fast. At the next Cabinet meeting, the Vice President is expected to table the resolution on the Women’s Development Bank and provide a Cabinet report on the progress made,” he stated. President Mahama explained that establishing a financial institution requires strict regulatory procedures and oversight from the Bank of Ghana to ensure the bank is properly structured in line with Ghana’s banking regulations. “You do not simply wake up and establish a financial institution. There is a process that must be followed, and the Bank of Ghana supervises that process to ensure everything is done properly,” he noted. The President also revealed that government has already secured financial backing for the initiative, disclosing that the Minister of Finance has allocated GH¢450 million as seed capital for the bank. “That money is already sitting in the accounts, waiting for the bank to officially begin operations so it can serve as the institution’s capital,” he added.