Dorcas Affo-Toffey Calls for Economic Empowerment and Financial Literacy for Women
Hon. Dorcas Affo-Toffey; the Member of Parliament for the Jomoro constituency in the Western Region, has called on Parliament to prioritize women’s economic empowerment and financial literacy, emphasizing their crucial role in Ghana’s economy.
The MP, who strongly advocates for women’s empowerment, indicated that, despite owning nearly 44% of businesses and contributing 20% to GDP, many women face challenges in accessing credit due to collateral requirements, high interest rates, and limited financial education.
Presenting a statement on the floor of Parliament, she commended the government’s 2025 budget allocation for the Women’s Development Bank, a move aimed at providing affordable credit and business support for women. Drawing from international success stories like India’s Self-Help Groups and Bangladesh’s Grameen Bank, she stressed that financial inclusion leads to economic growth and poverty reduction.
However, she noted that access to finance alone is insufficient without financial literacy. She urged the government and financial institutions to implement nationwide financial literacy programs, offer business development training, and strengthen policies promoting inclusive financing for women.
Hon. Affo-Toffey concluded by stating that investing in women is essential for national progress, therefore calling for the removal of financial barriers to ensure women can fully participate in Ghana’s economic development.
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