Dr Agnes Naa Momo Lartey, Member of Parliament for Nungua and Minister-designate for Women, Children, and Social Protection, has said that the plans to establish a Women Development Bank will offer support female traders and entrepreneurs.

She disclosed this initiative during her vetting before the Appointments Committee on Wednesday, 22nd January 2025.

The proposed bank, to be set up in collaboration with the Ministry of Finance, will provide women in business with access to credit at low interest rates and flexible repayment terms.

Dr Lartey emphasised that this initiative aims to address the financial challenges faced by women in growing their businesses.

“Many women have the ideas and skills but lack the financial resources to take their businesses to the next level. The Women Development Bank will bridge that gap and empower them economically,” she said.

Highlighting the broader vision of the ministry, Dr Lartey explained that the bank would not only focus on access to credit but also offer training and capacity-building programs. “

We will ensure that women receive the financial literacy and business development training they need to maximise the benefits of these loans. This is about building sustainable businesses that can thrive and contribute to the economy,” she added.

The minister-designate expressed her commitment to championing policies that prioritise the welfare of women and children, emphasising the transformative impact of economic empowerment. “An empowered woman strengthens her family and community.

This initiative is a step towards breaking the cycle of poverty and creating opportunities for all,” Dr Lartey concluded.