President John Dramani Mahama has announced that Cabinet is expected to consider a formal resolution on the proposed Women’s Development Bank at its next meeting, marking another step toward establishing the long-promised financial institution.
Speaking during a citizens’ engagement at Ndewura Jakpa Senior High School in the Savannah Region on Saturday, May 23, President Mahama said the government is making steady progress toward creating the bank, which is intended to support women-led businesses, market women and small-scale entrepreneurs across the country.
According to the President, Vice President Jane Naana Opoku-Agyemang will present a detailed Cabinet report on the project, outlining the progress made and the framework for setting up the specialised bank.
“Work is progressing very fast. Indeed, at the next Cabinet meeting, the Vice President is supposed to table the resolution on the Women’s Development Bank. She will be giving a Cabinet report on the Women’s Development Bank,” he stated.
President Mahama explained that establishing a financial institution requires a strict regulatory process supervised by the Bank of Ghana to ensure full compliance with banking laws and financial regulations.
“The thing is, for financial institutions, you don’t just get up and set up a financial institution. You have to go through a process, and that process is supervised by the Bank of Ghana to make sure that you set it up properly,” he said.
He further disclosed that the government has already secured funding for the initiative, revealing that GH¢450 million in seed capital has been allocated for the bank’s takeoff.
“But as you are aware, the Minister of Finance already gave GH¢450 million. That money is sitting there in the accounts, waiting for the bank to start so that the GH¢450 million can be the capital of the bank,” the President added.
The Women’s Development Bank was one of the key promises made by the National Democratic Congress during the 2024 election campaign, with the initiative expected to improve access to financing for women-owned businesses and boost economic inclusion.
