President John Dramani Mahama has stated that Vice President Jane Naana Opoku-Agyemang is anticipated to present a formal resolution on the government’s proposed Women’s Development Bank at the next Cabinet meeting, as plans for the institution continue to progress.
Speaking on Saturday, May 23, at a citizens’ engagement at Ndewura Jakpa Senior High School in the Savannah Region, President Mahama stated that the government is steadily moving forward with one of its major campaign pledges to empower women economically, especially market women and small-scale business owners nationwide.
The President claims that the Vice President will deliver a Cabinet report on the proposed bank, including the structure required and the advancements made thus far in the establishment of the specialist financial organization.
“Work is progressing very fast. Indeed, at the next Cabinet meeting, the Vice President is supposed to table the resolution on the Women’s Development Bank. She will be giving a Cabinet report on the Women’s Development Bank.”
President Mahama highlighted that the establishment of a financial institution entails various regulatory and administrative procedures that must be meticulously followed to guarantee that the bank is appropriately constituted in compliance with Ghana’s banking laws and financial regulations.
“The thing is, for financial institutions, you don’t just get up and set up a financial institution. You have to go through a process, and that process is supervised by the Bank of Ghana to make sure that you set it up properly,” the president stated.
The President also revealed that the government has already obtained substantial funding for the project, stating that a GH¢450 million seed capital has already been set aside and is presently awaiting the bank’s official launch.
“But as you are aware, the Minister of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH450 million can be the capital of the bank,” Preident Mahama added.
Source: newsthemegh.com