The government has allocated GH¢51.3 million as seed funding for the establishment of the Women’s Development Bank (WDB) to support women entrepreneurs and traders.
This was announced by the Minister for Finance, Dr Cassiel Ato Forson, while presenting the 2025 Budget to Parliament.
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The initiative aims to address the persistent challenges women face in accessing capital for the growth of their businesses.
“The Women’s Development Bank will remove barriers such as collateral and equity requirements that have made it difficult for women to secure funding from traditional banks,” Dr Forson stated.
The bank is expected to provide flexible financial solutions tailored to the needs of women in small and medium enterprises, enabling them to expand their businesses and improve their livelihoods.
In addition to the WDB initiative, the government has allocated GH¢292.4 million to begin the free distribution of sanitary pads to female students in primary and secondary schools.
This is to address the difficulties many schoolgirls face during their menstrual cycles, ensuring uninterrupted education.
Dr Forson stressed that the government remained committed to social protection programmes, with increased budgetary allocations to the National Health Insurance Scheme (NHIS), the Livelihood Empowerment Against Poverty (LEAP) Programme, the School Feeding Programme, and the Capitation Grant.
Under the LEAP programme, benefits had been adjusted to reflect inflation, and the number of beneficiary households will increase from 350,000 to 400,000 in July 2025.
The government has also raised the allocation for LEAP benefits by 30.8 per cent, from GH¢728.8 million to GH¢953.5 million.
Furthermore, funding for the School Feeding Programme has been increased, with the cost of feeding per pupil per day going up by 33 per cent.
“These interventions reaffirm the government’s commitment to supporting vulnerable groups and ensuring social equity,” Dr Forson noted.
During his speech before presenting the budget, Dr Forson, emphasised the need for national unity and collective effort in addressing Ghana’s economic challenges.
He noted that the just-ended National Economic Dialogue, the first in over a decade, was a crucial opportunity to reflect on the country’s economic realities and chart a course for recovery.
“This dialogue is an opportunity to reflect on our economic reality, address pressing challenges, and chart a course towards a more prosperous future for all our citizens,” he stated.
The minister also acknowledged the severe impact of recent economic difficulties, including currency depreciation, hyperinflation, high taxes, rising fuel and electricity prices, and soaring interest rates.
He stressed that the crisis was not over and that significant sacrifices were needed to stabilise the economy.
He highlighted President John Dramani Mahama’s commitment to fiscal discipline, including reducing the number of ministers from 123 to 60 and implementing budget cuts for the Office of the President. Additionally, first-class travel for government officials had been prohibited as part of cost-cutting measures.
Reaffirming the government’s commitment to transparency and good governance, he expressed appreciation to Organised Labour and the Ghana Employers Association for their cooperation in negotiating the minimum wage and base pay adjustments.
BY RAISSA SAMBOU
