Ofoase-Ayirebi Member of Parliament (MP) Kojo Oppong Nkrumah has criticised the Mahama-led government over the budgetary allocation for the Women’s Development Bank.

Finance Minister, Dr. Cassiel Ato Forson, during the 2025 budget presentation on Tuesday, announced the allocation of GH₵51.3 million as seed money for the establishment of the much-anticipated bank.

However, the former Information Minister, in an interview on Asempa FM’s Ekosii Sen, questioned the adequacy of the amount, stating it is woefully insufficient.

Mr Nkrumah, who is the Ranking Member of the Economic and Development Committee in Parliament, emphasised that the minimum capitalisation for a bank was GH₵400 million.

He also pointed out that the government has budgeted GH₵50 million for research at the presidency, wondering why only GH₵51 million is being allocated for such a significant initiative.

According to him, under the New Patriotic Party’s (NPP) module, the government would need no less than GH₵1.5 billion to properly set up the bank.

“The NDC went around promising to establish the women’s bank and touted Mahama as the hope, but you have allocated only GH₵51 million. As of now, you need not less than GH₵400 million to start a bank,” he said.

He further questioned the viability of disbursing funds to women, suggesting that even creating 16 branches would require more funds before accounting for operational expenses.

Mr Nkrumah concluded by stating that President Mahama should have been more specific about the type of bank to be established during their campaigns.