Market women at the Tema Community One Market have called on the government to fast-track the establishment of the proposed Women’s Development Bank (WDB), highlighting its potential to strengthen economic empowerment and ease financial challenges.

Esther Frimpong, a trader at the market, told the Ghana News Agency (GNA) that the initiative was welcomed by traders, as it could help expand businesses and create employment opportunities for other women.

Frimpong emphasized that the early operationalisation of the WDB was critical, noting that many women traders continue to struggle with high interest rates on loans from commercial banks. These costs, she said, negatively affect profit margins and make trading activities increasingly difficult and less sustainable, particularly for small-scale traders who depend heavily on credit to restock goods.

Another trader, Serwaa Bonsu, said the Women’s Development Bank would offer low-interest loans and flexible repayment options, helping to stabilise traders’ operations. She added that reduced financial pressure on traders could translate into lower prices for goods, ultimately benefiting consumers.

Salamatu Fuseni, a chop bar operator in Tema, noted that customers frequently complain about the high cost of food, which she partly attributes to the high interest rates paid by traders. She said the establishment of the WDB would help remove financial barriers for women in business and could contribute to lowering food prices in the market.

The market women collectively stressed that the WDB has the potential to significantly enhance women’s participation in business, support household incomes, and promote broader economic growth.