The Member of Parliament for Jomoro Constituency in the Western Region, Dorcas Affo-Toffey is advocating financial literacy for women.
The MP said women are major contributors to the economy with nearly 44% of businesses and contributing about 20% to our GDP.
The Jomoro legislator made the call while making a statement on the Floor of Parliament on the economic empowerment and financial literacy of women.
She said “financial literacy for women and economic empowerment are issues that are fundamental to gender equality and critical to Ghana’s economic growth—the economic empowerment and financial literacy of women”.
“Women are major contributors to our economy, owning nearly 44% of businesses and contributing about 20% to our GDP. Despite this, many struggle to access credit due to lack of collateral, high-interest rates, and limited financial education. Addressing these challenges is not just about fairness; it is about ensuring Ghana’s economic prosperity by unlocking the full potential of half of our population”, the MP explained on March 25.
Madam Affo-Toffey said, “access to finance alone is not enough”. “Financial literacy is key to long-term economic empowerment. Women must be equipped with the knowledge to budget, invest, and expand their businesses. With mobile money and digital banking becoming dominant, it is crucial that women—especially in rural areas—understand how to leverage these tools for financial growth”.
The MP therefore called on “the government, financial institutions, and development partners to implement nationwide financial literacy programs targeting women in both urban and rural areas, provide business development training to equip women with entrepreneurial skills and strengthen policies that encourage inclusive financing and fair lending practices for women entrepreneurs”.
“I commend His Excellency the President and the Hon. Minister for Finance for allocating seed funding for the Women’s Development Bank in the 2025 budget. This initiative is a bold step toward closing the financial gap for women, ensuring that they have access to affordable credit, business support, and financial tools tailored to their needs. This is how we empower women, create jobs, and grow our economy,” the MP said.
She said “Mr. Speaker, Ghana is not alone in taking this approach. Other nations have implemented similar policies with great success. India’s Self-Help Groups (SHGs) have empowered millions of women through access to credit and financial training. Bangladesh’s Grameen Bank has lifted families out of poverty by offering microfinance solutions to women entrepreneurs. Rwanda’s Women’s Guarantee Fund has made it easier for women to secure loans without traditional collateral. The results are clear—when women have financial support, economies thrive, poverty declines, and national development accelerates. Ghana must fully embrace this model to achieve inclusive economic growth”.
The Jomoro MP said “investing in women is investing in Ghana’s future. The Women’s Development Bank is not just about providing loans; it is about creating economic opportunities, reducing poverty, and empowering women to take charge of their financial destiny. Women do not just deserve a seat at the economic table; they have earned it. It is our duty as leaders to remove the barriers holding them back and build an economy where every woman has the financial power to succeed”.
