News:
March 26, 2025
The Parliament of Ghana has been called upon to priorities the economic empowerment and financial literacy of women.
Dorcas Affo-Toffey, the Member of Parliament for the Jomoro constituency in the Western Region made this call in a statement on the floor of the House.
According to her this is very important and emphasizing women’s crucial role in Ghana’s economy.
The MP who strongly advocates for women empowerment indicated that, despite owning nearly 44% of businesses and contributing 20% to GDP, many women face challenges in accessing credit due to collateral requirements, high-interest rates, and limited financial education.
She thus commended the government’s 2025 budget allocation for the Women’s Development Bank, a move aimed at providing affordable credit and business support for women.
Drawing from international success stories like India’s Self-Help Groups and Bangladesh’s Grameen Bank, she stressed that financial inclusion leads to economic growth and poverty reduction.
However, she noted that access to finance alone is insufficient without financial literacy. She urged the government and financial institutions to implement nationwide financial literacy programs, offer business development training, and strengthen policies promoting inclusive financing for women.
Hon. Affo-Toffey concluded by stating that investing in women is essential for national progress therefore, calling for the removal of financial barriers to ensure women can fully participate in Ghana’s economic development.
Kwaku Sakyi-Danso/Ghanamps.com