President John Mahama has announced that processes are underway to ensure the successful establishment and launch of the Women’s Development Bank.
Delivering the State of the Nation Address (SONA) on Thursday, February 27, 2025, the President stated that consultative processes are currently taking place.
As part of his government’s 120-day social contract, the Finance Minister, Dr. Cassiel Ato Forson, will allocate initial funding for the bank in the upcoming Budget presentation.
“In our pursuit of empowering women, Mr. Speaker, we will establish the Women’s Development Bank, a specialized financial institution designed to support businesses owned and led by women through low-interest loans and tailored financial services offered under flexible terms,” President Mahama announced.
He acknowledged the challenges that many female entrepreneurs face in securing funding due to high interest rates, stringent collateral requirements, and the lack of tailored financial products.
The new bank aims to address these challenges by providing affordable loans with flexible repayment terms, making it easier for women to grow and sustain their businesses.
The Women’s Development Bank was first announced ahead of the 2024 election, and President Mahama expressed his commitment to ensuring its success.
The Ministry of Gender, Children, and Social Protection, in collaboration with the Bank of Ghana (BoG), will oversee the establishment of the bank to ensure that it becomes fully operational by mid-2025.
To support the initiative, the government is working with international development agencies and women-focused non-governmental organizations to mobilize resources.
The Women’s Development Bank is set to be a key player in empowering women entrepreneurs and fostering their economic growth.
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