Bolgatanga Central Member of Parliament and Board Member of the Bank of Ghana, Hon. Isaac Adongo, has defended the government’s plans to establish the Women Development Bank, clarifying recent criticisms over budget allocations.
Speaking in a radio interview, Adongo addressed concerns that only 51 million Ghana cedis had been provided for the initiative. “How can 51 million build the Women Development Bank?” he asked. Adongo explained that the initial allocation is meant to cover preparatory activities, including feasibility studies, designing the bank’s structure, and establishing risk management tools. The full capitalisation of 400 million cedis, he said, will follow in subsequent stages when the bank is formally licensed and operational.
Adongo pointed to the government’s track record in stabilising Ghana’s banking sector as evidence of its commitment. He highlighted the National Investment Bank (NIB), which was on the brink of collapse before government intervention, and the recapitalisation of the Agricultural Development Bank (ADB) and Prudential Bank, in which the government now holds a 74 percent stake.
“When we tell you we will set up a bank, you doubt us? Even the Consolidated Bank failed to recapitalise the sector properly. We have the track record and moral fortitude to establish a working bank,” he said.
The MP also emphasised that the Women Development Bank could not be fully capitalised within a single year. “We didn’t put 400 million in the 2025 budget because you cannot set up a workable bank in one year. The 51 million is preparatory,” he said, urging critics to understand the phased approach required to create a stable and functional financial institution aimed at supporting women across the country.
Adongo’s comments underscore the government’s continued focus on strengthening Ghana’s financial sector while promoting targeted economic initiatives.