Cecilia Asaga, a national executive member of the National Democratic Congress (NDC), has predicted that the NDC’s National Women’s Development Bank plan will revolutionize the status quo for female entrepreneurs in Ghana.

During a training session in Accra, Ms. Asaga gave the attendees the reassurance that the initiative’s goal was to alleviate the financial obstacles that numerous women encountered when attempting to obtain funding to expand their enterprises.

She said, “The Women’s Development Bank will advance low-interest loans to market women to help them expand their ventures and will provide start-up capital for women-led businesses.”
Availability of funds

According to Ms. Asaga, the effort will also make it easier for established women business owners, particularly those in rural areas and the unorganized sector, to obtain funding.

Furthermore, she claimed that giving women access to financing would allow them to grow their companies and hire more staff, which would ultimately lower the unemployment rate in the nation.
“The creation of the Women’s Development Bank will not only help new companies, but it will also give financially struggling women-owned businesses the boost they need to grow,” she continued.
24-hour economy

Ms. Asaga also disclosed that the NDC’s 24-hour economy goal, which aims to promote productivity across all sectors, benefited greatly from the work of the Women’s Development Bank.
“The Women’s Development Bank initiative has been thoughtfully considered, and without a dedicated source of funding for the women-owned businesses that will be driving this economy, we cannot run a 24-hour economy,” she continued.

Instruction
Additionally, the planned bank would place a strong emphasis on teaching women basic bookkeeping, financial management, and financial literacy to make sure they can effectively manage the loans and facilities provided to them.

Ms. Asaga claims that this strategy will increase women’s chances of success in business by enabling them to make wise financial decisions.

“We want to make sure that women have the knowledge necessary to manage the loans and facilities offered, enhancing their financial literacy and enabling them to expand their businesses in a sustainable manner,” the speaker stated.

She added that in order to keep the bank from turning into just another broken political promise, it would be imperative to ensure openness, accountability, and effective management through corporate governance.