The National Communications Officer of the opposition National Democratic Congress, Sammy Gyamfi Esq. has justified the party’s flagbearer former President John Dramani Mahama’s proposal to establish National Women Bank when elected into power.
Mr Gyamfi in a statement strongly asserted that Mr Mahama’s proposal is a bold move to address gender disparities in access to financial resources and support women-owned businesses in the country.
He began his argument by accusing the ruling New Patriotic Party administration led by President Akufo-Addo and Vice President Dr Mahamudu Bawumia of supervising the collapse of a similar financial institution that used to exist in the country until the year 2018.
Mr Gyamfi claimed that the financial institution which was called Women’s World Banking (WWBG) Ghana Limited used to provide financial needs of women entrepreneurs and business owners in Ghana was liquidated by the ruling government as part of its broader financial sector clean-up exercise.
The opposition party’s National Communications Officer further stated that despite the financial institution operating with a Savings and Loans license, it was closed down by the Bank of Ghana rather than being supported for recapitalization and restructuring.
Lawyer Sammy Gyamfi bemoaned that the closure of the Women’s World Banking (WWBG) Ghana Limited created a significant void in the financial landscape, depriving several women-owned businesses of crucial financial support.
He vehemently criticized the government’s decision to close down the financial institutions, stating that Women’s World Banking (WWBG) Ghana Limited could have been supported and reformed instead of being shut down abruptly.
NWB to Provide Opportunities for Women in Business
Moreover, Sammy Gyamfi Esq, the National Communications Officer of the National Democratic Congress asserted the need for the country to establish a new financial institution owned and operated by women to restore the void left by the closure of WWBG.
Mr Gyamfi further posited that the National Women’s Bank proposed by the party’s flagbearer former President John Dramani Mahama will not only fill the vacuum resulting from the closure of WWBG but also address the myriad challenges faced by women-owned businesses in accessing credit and financial resources.
He noted that under Mr Mahama’s vision, the National Women’s Bank would be administered exclusively by women, with both customers and employees being female.
“This is why the visionary Nation Builder, H.E. John Dramani Mahama has promised to establish a National Women’s Bank under the next NDC government in 2025, which will be administered by women to support women-owned businesses”
Sammy Gyamfi Esq.
The primary objective of the bank, Mr Gyamfi stressed would be to provide tailored financial services and support to women entrepreneurs, thereby creating millions of sustainable and well-paying jobs to combat Ghana’s high unemployment rate.
The National Democratic Congress National Communications Officer concluded his remarks by stating that the National Women’s Bank when established by Mr Mahama would create millions of decent and sustainable well-paying jobs for several well-meaning Ghanaians.
He expressed optimism that the potential creation of jobs through the establishment of the National Women’s Bank would also go a long way to address the high unemployment rates confronting the country.
The flagbearer of the opposition National Democratic Congress (NDC), former President John Dramani Mahama in his recent engagement with the Ghana Union of Traders Association pledged to establish a National Women’s Bank should he be elected into power in 2025.
While Mr Mahama’s proposal has garnered support from advocates of gender equality and women’s empowerment, it has also drawn criticism from some sections of the public who question its feasibility and potential impact on the broader economy.
Some of Mr Mahama’s critics have also argued that establishing a gender-exclusive bank could further segregate the financial sector and hinder efforts toward inclusive economic growth.
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