The Government will formally launch the Women’s Development Bank early next year, a state-backed financial institution designed to expand access to affordable capital for women-led enterprises, Finance Minister Dr. Cassiel Ato Forson has announced.
Speaking on the Citi Breakfast Show and monitored by The High Street Journal, Dr. Forson said preparatory work on the bank is well advanced, with Vice President Professor Jane Naana Opoku-Agyemang leading the design, strategic framework, and operational roadmap for the institution.
The Finance Minister described the Vice President’s strategy as “impressive,” noting that the proposed governance structure and operational plan meet government expectations.
“The Vice President is leading the formation of the bank. Early next year, when the bank is officially launched, she will outline its operations, and I am sure everyone will be happy,” he said.
Addressing barriers to women’s finance
The Women’s Development Bank will specifically target barriers that women entrepreneurs face in accessing commercial financing.
High interest rates, stringent collateral requirements, and systemic constraints within traditional financial institutions have long restricted the growth of women-led micro, small, and medium-sized enterprises (MSMEs).
Dr. Forson explained that the bank will provide tailored financial products, including startup financing, working capital support, and concessional lending windows.
By doing so, the bank aims to support both new and established women-led businesses across sectors such as agriculture, manufacturing, services, trading, and emerging digital industries.
Economic and social impact
Experts note that women-owned businesses play a critical role in Ghana’s economy, contributing significantly to employment, household income, and national productivity.
By unlocking financing for these enterprises, the Women’s Development Bank is expected to accelerate SME growth, promote job creation, and strengthen supply chains in key economic sectors.
“The inclusion of women in productive financing is not just about equity; it is a strategic economic imperative. Empowered women entrepreneurs reinvest earnings into their households and communities, creating multiplier effects that benefit the wider economy,” Dr. Forson said.
To ensure the institution starts on a solid footing, the 2026 Budget includes a GH¢401 million allocation to capitalise the bank.
The initiative also forms part of broader government efforts to expand financial inclusion, strengthen the SME ecosystem, and promote sustainable economic growth.
Supporting infrastructure and partnerships
The Women’s Development Bank will collaborate closely with existing commercial banks, development partners, and business support organisations to provide non-financial services, including training, digital finance tools, advisory programmes, and capacity-building initiatives.
This holistic approach aims to increase women entrepreneurs’ business acumen, financial literacy, and access to markets.
Dr. Forson emphasised that the planned bank aligns with government’s broader agenda to modernise Ghana’s financial architecture, expand credit to productive sectors, and build a more inclusive economy where women-led businesses can scale sustainably, create employment, and support household incomes.
“This bank represents a significant step in ensuring that women entrepreneurs have the resources and support to contribute meaningfully to national development and economic transformation,” he added.
