A social media commentator has ignited a debate over the contrasting approaches to women’s economic empowerment proposed by Ghana’s two major political parties ahead of the 2024 general elections.
The commentator argued that the New Patriotic Party’s (NPP) plan to establish a “Women’s Trade Empowerment Fund” (WoTEF) is a more practical and efficient solution than the National Democratic Congress’s (NDC) proposal for a Women’s Development Bank (WDB).
In a viral video, the commentator posed a critical question: What sets the Women’s Trade Empowerment Fund apart from the Women’s Development Bank? He suggested that while the NDC believes women need a specialized bank to access financial support, the NPP argues that existing financial institutions could effectively manage the funds intended for women, eliminating the need to establish a new bank.
The NPP’s 2024 election manifesto outlines WoTEF as a fund designed to provide loans and grants to women in business, which would be administered through established banks. The commentator highlighted the significant financial costs associated with establishing a new bank, citing the minimum capital requirement of 400 million cedis for compliance, excluding operational costs such as infrastructure. He questioned the rationale behind the NDC’s proposal, noting that the same funds could be distributed more efficiently through a dedicated fund rather than creating a new financial institution.
The commentator also expressed concerns about the NDC’s past record, referencing challenges in the banking sector during the previous NDC administration and allegations of financial mismanagement. He cautioned that establishing another bank could lead to a repetition of past mistakes.
In contrast, the commentator advocated for the NPP’s approach, emphasizing that WoTEF offers a streamlined, cost-effective solution for empowering women entrepreneurs. His remarks have sparked widespread discussion, with many agreeing that the NPP’s proposal represents a more practical path forward for women’s economic advancement in Ghana.
