Market women at the Tema Community One Market have appealed to the government to expedite the establishment of the proposed Women’s Development Bank (WDB) to enhance their economic empowerment and ease financial constraints.

Madam Esther Frimpong, a trader at the market, told the Ghana News Agency (GNA) that traders fully welcome the initiative, saying it would help expand their businesses and create employment opportunities for other women.

She stressed that the early operationalisation of the WDB was critical, as many women traders continue to struggle with high interest rates on loans from commercial banks, which negatively affect their businesses and reduce profit margins.

Madam Frimpong explained that the high cost of borrowing has made trading activities increasingly difficult and less sustainable, particularly for small-scale traders who rely heavily on credit to restock goods.

Another trader, Madam Serwaa Bonsu, said the Women’s Development Bank would provide flexible repayment options and low-interest loans, which would help stabilise traders’ operations.

She added that reduced financial pressure on traders would likely translate into lower prices of goods in the market, ultimately benefiting consumers.

Madam Salamatu Fuseni, a chop bar operator in Tema, said customers frequently complain about the high cost of food, attributing it partly to the high interest rates traders pay on loans.

She noted that the establishment of the Women’s Development Bank would help address the financial barriers faced by women in business and contribute to reducing food prices in the market.