Video: NPP’s Women’s Economic Transformation Fund superior policy to NDC’s WDB

A social media commentator has, in a viral video, suggested that the New Patriotic Party (NPP) ‘s policy proposal to establish a “Women’s Economic Transformation Fund (WoTEF) is far superior to the National Democratic Congress (NDC’s) suggestion to establish a Women’s Development Bank (WDB).

The NPP, in its 2024 election manifesto (page 117), pledged to implement a Women’s Trade Empowerment Fund (WoTEF) that will provide loans and grants to women in business, while the NDC says it will rather establish a Women’s Development Bank.In his video, the social media commentator first asked: What is the difference between the Women’s Trade Empowerment Fund and the Women’s Development Bank? In answer to his question, he noted: “While the [NDC] claims women need a specialized bank, the NPP says if money is available for women, existing banks can be used to disburse it to them.”

“In my opinion, the minimum stated capital requirement for setting up a bank is 400 million cedis. That 400 million is just for compliance, and it excludes infrastructure such as buildings and other operational costs that have to be budgeted for,” he explained.

“So why would anyone use nearly 800 million cedis to set up a bank and look for money to put inside it so that women have access to it? The money for the establishment can be disbursed to women through another existing bank by creating, say, a fund to give out loans to women so that they can start their businesses,” the commentator further submitted.

It is my considered opinion that the Women’s Trade Empowerment Fund (WoTEF) by the NPP is far better than the Women’s Development Bank proposed by the NDC. Given the challenges the banking sector had under the previous NDC regime and the financial malpractices, I suspect that the NDC setting up another bank will be a repetition of the past.

Reporting by Wilberforce Asare in Accra, Ghana

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