Proposal for Women’s Bank to enhance financial inclusion – Prof. John Gatsi
Professor John Gatsi, in a missive, has highlighted the pressing need for enhanced financial inclusion, particularly concerning women’s access to financial services in Ghana following the proposal for the establishment of a Women’s Bank by Prof Jane Nana Opoku-Agyemang.
The running mate of the 2024 NDC flagbearer, Prof Jane Nana Opoku-Agyemang, has announced plans for the establishment of a Women’s Bank slated to commence operations next year should the NDC win the 2024 elections. This initiative represents a significant stride towards addressing longstanding gender disparities in financial access and empowerment.
Over the past decades, there has been a concerted effort to prioritize women’s empowerment, underscored by a heightened awareness of unequal representation, women’s health, and the education of the girl child. While commendable progress has been made, including the increased presence of women in top public and civil service roles and ministerial appointments, challenges persist which demand greater attention.
One such challenge is the significant difficulty faced by women entrepreneurs in accessing credit, with experts estimating that over 70% encounter hurdles in securing financing from both formal and informal sources. To effectively address this issue and scale up the inclusion process, deliberate policies aligned with the Sustainable Development Goals (SDGs) are imperative.
According to Prof Gatsi, the proposed Women’s Bank embodies a thoughtful approach to fostering women entrepreneurship by developing tailored banking products and services that account for the unique values and circumstances of women. Central to its mandate is the prioritization of women in employment, credit allocation, and poverty alleviation efforts, thereby serving as a catalyst for economic empowerment.
However, the successful establishment of the Women’s Bank hinges upon robust regulatory and societal support. Efforts must be directed towards expediting regulatory approvals and creating an enabling environment conducive to women’s financial inclusion. The envisioned bank holds promise in catering to diverse segments of women, including market traders, entrepreneurs, accountants, banking graduates, and legal professionals.
In conclusion, the proposal for a Women’s Bank signals a pivotal step towards deepening women’s financial inclusion and support in Ghana. By addressing the unique needs of women entrepreneurs and prioritizing their economic advancement, this initiative has the potential to unlock new opportunities and drive sustainable development.
