The Industrial and Commercial Workers Union (ICU) has passionately appealed to the government to prioritize and expedite the provision of adequate and sustainable funding for the establishment of the proposed Women’s Development Bank. Speaking to union members in the Upper West Region in anticipation of the ICU’s 12th Quadrennial Delegates Conference in Accra, General Secretary Morgan Ayawine underscored the critical importance of this initiative for the economic empowerment of Ghanaian women.
Ayawine lauded the government’s policy to create the Women’s Bank as a timely and crucial intervention, recognizing the significant role women play in Ghana’s population and their dominance within the informal economy. He emphasized that the establishment of such a financial institution would provide much-needed quick and easy access to capital for women, empowering them to engage in productive economic activities that would ultimately contribute positively to the nation’s overall economic growth.
However, the ICU General Secretary stressed that the mere establishment of the bank is insufficient without a firm commitment to its long-term financial viability. Drawing a cautionary parallel to the fate of the previous Women’s World Bank initiative, which faced challenges due to funding constraints, Ayawine pleaded with the government to ensure that the current endeavor receives the necessary financial backing to not only launch successfully but also to thrive and endure.
“We would, however, like to advise that the establishment of a Women’s Bank, this time around should not be abandoned mid-way for lack of funds as was the case in the past with the Women’s World Bank,” Ayawine cautioned, highlighting the need to learn from past experiences and avoid repeating previous pitfalls.
He further urged the government to demonstrate unwavering commitment and consistency towards the Women’s Bank project, emphasizing its potential to bring significant economic relief to Ghanaian women, their families, and consequently, the entire nation. “ICU Ghana would therefore like to urge government to be purposeful and consistent about this Women’s Bank project and make it sustainable to bring economic relief to Ghanaian women and their families and by extension to the nation as a whole,” he advised.
Beyond the crucial issue of the Women’s Development Bank, Mr. Ayawine also seized the opportunity to address the importance of maintaining industrial harmony. He called upon the tripartite committee, comprising representatives from the government, labor, and employers, to proactively and swiftly address labor-related concerns to prevent unnecessary industrial unrest during these challenging economic times.
“It is important to note that these challenging times in which we find ourselves, every effort must be made by government, employers and labour to address labour related concerns with speed and alacrity in order to forestall unnecessary industrial actions at the workplace. Productivity suffers when there is no peace and harmony within the arena of labour relations,” Ayawine pointed out, underscoring the interconnectedness of economic stability and positive labor relations.
The ICU’s strong advocacy for the Women’s Development Bank underscores the critical role such institutions can play in fostering economic empowerment and reducing gender inequality. The union’s call for sustainable funding reflects a pragmatic understanding that the long-term success and impact of this initiative hinge on the government’s commitment to providing consistent and adequate financial support. As Ghana navigates its economic landscape, the establishment of a well-funded and effectively managed Women’s Development Bank could prove to be a significant step towards inclusive and sustainable growth.
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