The government has deposited GH¢400 million into an escrow account at the Bank of Ghana to capitalise the proposed Women’s Development Bank, marking a major milestone towards the establishment of the specialised financial institution.
Finance Minister Dr Cassiel Ato Forson announced that the capital requirement had been fully met, paving the way for the Bank of Ghana to commence the regulatory assessment and licensing process required before the bank begins operations.
Speaking during a working visit by Vice-President Prof. Naana Jane Opoku-Agyemang to the Ministry of Finance, Dr Forson expressed confidence that the bank would become operational before the end of 2026.
“For your information, we have paid GH¢400 million, being the capitalisation amount, into an escrow account at the Bank of Ghana. The Bank of Ghana is now beginning the process to assess the bank so that it can grant approval for its operationalisation,” he said.
According to the Finance Minister, the next phase involves constituting the bank’s board of directors and management team, which form part of the central bank’s licensing requirements.
He indicated that consultations on nominations would begin shortly to ensure the institution meets all regulatory conditions within the stipulated timeframe.
Dr Forson reaffirmed the government’s commitment to making the Women’s Development Bank a reality this year, describing the initiative as one of the administration’s flagship programmes aimed at expanding financial inclusion and empowering women entrepreneurs.
The announcement came during Vice-President Prof. Opoku-Agyemang’s visit to the Finance Ministry, where she commended the ministry for the progress made towards establishing the bank.
She described the initiative as a significant intervention that would improve access to credit for women, particularly owners of micro, small and medium-sized enterprises who often struggle to obtain financing through conventional banks due to collateral requirements.
The Vice-President said the bank would empower more women to grow their businesses, create employment and contribute more effectively to Ghana’s economic development.
Beyond the Women’s Development Bank, Dr Forson outlined the government’s broader economic recovery strategy, stating that Ghana had emerged from the most difficult phase of fiscal adjustment and was preparing to transition from austerity to economic growth.
He noted that the government had already met major debt obligations this year, including Eurobond repayments of about US$1.4 billion and a GH¢10 billion GDP-linked bond payment, while setting aside funds to meet another GH¢10 billion debt repayment due in August.
The Finance Minister said although 2027 would present even larger debt servicing obligations, the government remained committed to maintaining fiscal discipline while creating sustainable jobs and improving living standards for Ghanaians.
Prof. Opoku-Agyemang also urged the Ministry of Finance to continue supporting policies that promote value addition to Ghana’s natural resources and commended the ministry for achieving 41 per cent female representation among its workforce, describing it as a positive step towards gender inclusion in public sector leadership.
