The Women’s Development Bank has crossed one of its biggest milestones after government fulfilled the capital requirement for its establishment, leaving regulatory approval from the Bank of Ghana as the final major hurdle before the institution begins operations.
Finance Minister Dr. Cassiel Ato Forson announced in the 2026 Mid-Year Budget Review that government has deposited GH¢400 million with the Bank of Ghana as the bank’s initial capital and formally applied for a banking licence.
The announcement comes a day after Bank of Ghana Governor Dr. Johnson Pandit Asiama confirmed that the central bank is actively reviewing the licence application, signalling that the long-anticipated institution has entered the regulatory approval stage.
The Women’s Development Bank is expected to commence operations before the end of the year.
Regulatory Review Underway
Speaking ahead of the budget presentation, Dr. Asiama said discussions between the central bank and government on the proposed bank have been ongoing since last year.
He stressed that although government has submitted its application, licensing remains a rigorous regulatory process that requires detailed reviews and verification before approval can be granted.
“We are in discussions with government. It is not a new concept. It is something we have been discussing since last year,” he said.
“To license a bank is also a process. There are requirements, there are reviews, we have to cross-check some of the data. For now, all I can say is that we are reviewing the application that has come on board.”
His comments indicate that while the project has advanced significantly, the central bank will subject the Women’s Development Bank to the same prudential standards applied to every licensed financial institution.
Government Meets Capital Requirement
Presenting the Mid-Year Budget Review in Parliament, Dr. Forson said the bank has already been incorporated as WDB Ghana Limited, paving the way for the licensing process.
He disclosed that the Ministry of Finance has fulfilled the initial capital requirement by depositing GH¢400 million into an account with the Bank of Ghana.
“Following its incorporation, government applied to the Bank of Ghana for the requisite banking licence to enable the bank to commence operations,” the Finance Minister said.
“In fulfilment of the capital requirement for licensing, the Ministry of Finance has deposited an amount of GH¢400 million into an account with the Bank of Ghana as the initial capital for the Women’s Development Bank.”
He added that the institution is expected to begin full operations before the close of 2026.
Expanding Access to Finance
The Women’s Development Bank is expected to improve access to credit for women-owned businesses, female entrepreneurs and women-led enterprises that often face greater barriers in obtaining finance from traditional financial institutions.
Government has presented the initiative as part of its broader strategy to promote financial inclusion, strengthen women’s participation in the economy and support small and medium-sized enterprises.
Once licensed, the bank is expected to provide specialised financial products tailored to the needs of women in business, complementing existing efforts to expand enterprise financing and job creation.
Final Step Before Launch
The combined updates from the Finance Ministry and the Bank of Ghana suggest the project has now moved from policy promise to implementation.
While government has completed the legal incorporation of the bank and provided the required start-up capital, the final decision now rests with the Bank of Ghana’s licensing process.
If regulatory approval is granted as expected, the Women’s Development Bank will become one of Ghana’s newest specialised financial institutions, marking a significant step in efforts to close the financing gap facing women entrepreneurs and businesses.
