Professor Peter Quartey, Director of the Institute of Statistical, Social, and Economic Research (ISSER), has called for the leveraging of existing banking infrastructure to establish women’s desks or units to address women’s financial concerns.
He emphasised the need for pragmatic solutions to address the challenges faced by women entrepreneurs in accessing credit and financial services.
The Director made these remarks at ISSER’s budget review, held at the Institute in Accra.
His recommendations come at a time when the government has allocated GHS 51 million for the proposed Women’s Bank in the 2025 budget and financial statement.
He stated that the feasibility of setting up a new bank with the proposed allocation of GHS 51 million cedis was insufficient to meet the capital requirements for a fully functional bank.
“The idea of empowering women through dedicated funding is laudable, but establishing a new bank may not be the most effective way to achieve this goal,” he said.
“Instead, we should consider creating dedicated women’s desks or units within existing banks, which already have extensive branch networks across the country,” he said.
He highlighted the success of similar models in other countries, where women-focused financial services are integrated into mainstream banking systems.
“By leveraging the existing infrastructure of banks like Ghana Commercial Bank, which boasts over 87 branches nationwide, the government can ensure wider accessibility and cost-effectiveness,” he said.
Professor Quartey also stressed the importance of addressing systemic issues such as partisanship and inefficiencies in the selection and distribution of funds.
“We need a robust system to identify beneficiaries and ensure that resources are allocated transparently and equitably,” he said.
Professor Quartey suggested that the allocated funds would be better utilised in strengthening existing financial institutions to offer tailored services for women entrepreneurs.
The Director said that empowering women has a multiplier effect on families and communities.
“Studies have shown that when women are economically empowered, the benefits extend beyond the individual to the entire household. Therefore, we must ensure that our interventions are sustainable and impactful,” he said.
GNA