Former Majority Leader and Minister of Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, has criticised government for the budgetary allocation made for the establishment of the Women’s Development Bank (WDB).
The former lawmaker for Suame, has, from a gender perspective, said the budgetary allocation for the women’s bank is inadequate.
Citing the capital requirement needed to set up a bank in the country, which at the time of the legislation was equivalent to a US$100 million, the former Majority Leader says GHC51 million earmarked for the bank is woefully inadequate, considering the number of female population in the country.
Speaking at a public dialogue on the 2025 National Budget organised by the Kumasi Bloc Members of Parliament, the former MP said the amount set up for the bank does not commensurate the 17 million women in the country.
“With the capital requirement for the establishment of Banks set at GHC400 million which was equivalent to $100 million at the time it was determined, what can GHC51 million which is now equivalent to $3.2 million, do for the 17 million women of Ghana? Contained in the 51 million is the amount needed to set up the Bank,” Mr. Kyei-Mensah-Bonsu said.
The Kumasi Dialogue by the parliamentarians was themed: “Assessing the 2025 Budget: Implications for Kumasi’s Development and the way forward.”
The National Women’s Development Bank initiative, according to the government, will become a game-changer for Ghanaian women entrepreneurs.
According to government, the bank seeks to address the financial challenges many women faced when trying to access funds to grow their businesses in the country.
The bank is set to provide start-up capital for women-led businesses and advance low-interest loans to market women to help them expand their ventures.
The initiative is also aimed at easing access to capital for already established women entrepreneurs, especially those in rural communities and the informal sector.
This is to enable them 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,” Cecilia Asaga, a national Executive Member of the National Democratic Congress (NDC), had said during a training workshop in Accra in October 2024.
Mr. Kyei-Mensah-Bonsu also questioned the legality of the allowances the government has promised to pay Assembly members, saying the Constitution does not mandate such monies to be paid from the Consolidated Fund.
Kyei-Mensah-Bonsu questions legality of allowances for Assembly members
