Elizabeth Ofosu-Agyare, Ghana’s Minister-designate for trade, agribusiness, and industry, has assured the public that the Mahama administration will deliver on its pledge to establish a Women Development Bank, a promise made by President John Dramani Mahama during the 2024 election campaign.
Speaking during her vetting by the Appointments Committee, Ofosu-Agyare confirmed the upcoming launch of the bank, which aims to support the economic empowerment of women in Ghana.
Ofosu-Agyare also discussed how the introduction of President Mahama’s 24-hour economy policy will address challenges faced by the One District, One Factory (1D1F) initiative launched by former President Akufo-Addo. According to Ofosu-Agyare, the lack of adequate raw materials for factories under the 1D1F initiative has been a major obstacle. However, with the 24-hour economy, businesses will have access to a more efficient and consistent supply of resources, particularly through agribusinesses that will engage in commercial contract farming.
“The 24-hour economy will provide a solution to this problem because businesses will benefit from guaranteed raw materials, tax holidays, and other incentives,” Ofosu-Agyare said, adding that factories will be able to sign onto the 24-hour economy and experience significant improvements in operations. The policy is expected to be a key part of the administration’s economic growth strategy.
