Government, through the Finance Ministry, has announced the allocation of GH¢51.3 million as seed money for the establishment of the Women’s Development Bank.
Finance Minister Dr. Cassiel Ato Forson disclosed this while presenting the 2025 Budget Statement in Parliament on Tuesday.
The National Democratic Congress (NDC) first announced plans to establish the bank ahead of the 2024 election to provide capital for women-owned businesses and support their growth.
Vice President Prof. Naana Jane Opoku-Agyemang, then the party’s running mate, highlighted the importance of ensuring women entrepreneurs have access to capital, stating that the bank would provide credit to small-scale businesses.
She acknowledged the difficulties 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, enabling women to grow and sustain their businesses.
During his first State of the Nation Address (SONA) on February 27, President John Dramani Mahama announced that consultative processes were underway for the bank’s establishment.
The Ministry of Gender, Children, and Social Protection, in collaboration with the Bank of Ghana (BoG), will oversee the process to ensure the bank 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.
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