The Ghanaian government has taken a significant step toward women’s economic empowerment with the allocation of GH¢51.3 million as a seed fund for the establishment of a Women’s Development Bank.
This initiative, announced by Finance Minister Dr. Cassiel Ato Forson during the presentation of the 2025 Budget Statement, fulfills a major campaign promise of the National Democratic Congress (NDC). The move aligns with the NDC’s 2024 manifesto, which prioritized financial inclusion for women and increased support for female entrepreneurs with the establishment of a women development bank.
“Mr. Speaker, we have also allocated GH¢51.3 million as seed fund for the establishment of the Women’s Development Bank,” Dr. Forson stated.
Delivering on a Manifesto Promise
The NDC, in its campaign, promised to set up a specialized bank dedicated to supporting women-led businesses, particularly those in the informal and small-scale sectors. The idea is to bridge the financing gap that has long hindered female entrepreneurs from accessing affordable credit and business expansion opportunities.
For years, women in Ghana have faced limited access to financial services, often struggling with high-interest rates, collateral requirements, and restricted business funding opportunities.
The Women’s Development Bank is expected to reverse this trend by providing:
- Low-interest loans tailored to women entrepreneurs.
- Flexible repayment terms to encourage business growth.
- Financial literacy training to improve business sustainability.
- Dedicated investment in female-led small and medium enterprises (SMEs).
A New Era for Women’s Financial Inclusion
Studies show that although women own a significant share of businesses in Ghana, they receive less than 10% of total commercial credit. The traditional banking system has often overlooked women-led enterprises, making it difficult for them to expand.
The establishment of the Women’s Development Bank aligns with global best practices, where countries like Bangladesh, India, and Rwanda have successfully implemented gender-focused financial institutions. These models have helped stimulate women’s entrepreneurship, create jobs, and drive economic growth.
With GH¢51.3 million set aside as seed funding, all eyes will be on the government’s next steps—how soon the bank will be operational and how effectively it will address the longstanding challenges women face in the financial sector.
