Women’s Development Bank application reaches Bank of Ghana for approval

Vice-President Jane Naana Opoku-Agyemang says proposed bank will improve access to affordable financing for women entrepreneurs

The proposed Women’s Development Bank has reached a major stage in its establishment, with its application submitted to the Bank of Ghana for licensing and regulatory review.

Vice-President Professor Jane Naana Opoku-Agyemang disclosed this at the 5th Ghana Women Entrepreneurship Summit 2026, where she said a committee established to guide the creation of the bank had completed its work.

She said the application was now undergoing the necessary regulatory processes at the central bank, bringing the proposed financial institution closer to its intended role of improving access to affordable financing for women-owned businesses.

The bank is expected to address some of the major challenges women face in accessing formal financial services, particularly market women, smallholder farmers and entrepreneurs who have struggled to secure loans and other business support.

According to the Vice-President, government deliberately constituted a diverse committee made up of market women, susu collectors, women entrepreneurs, finance professionals and other stakeholders to ensure that the proposed bank reflected the needs of the people it was established to serve.

She said the initiative was aimed at creating better opportunities for women to expand their businesses, increase production and participate more actively in Ghana’s economic development.

The Vice-President noted that Ghanaian women had consistently demonstrated the discipline and entrepreneurial skills needed to build successful businesses, but their ambitions needed to be matched with adequate financial and institutional support.

She made the remarks while addressing women entrepreneurs, business leaders and development partners at the summit.

She also stressed the importance of positioning women to benefit from government’s industrialisation agenda, particularly in manufacturing, processing and other productive sectors.

She said women needed greater opportunities to move beyond small-scale trading into businesses that could create jobs, add value to local products and contribute to economic growth.

The summit was organised by the Ghana Enterprises Agency (GEA), under the leadership of its Chief Executive Officer, Margaret Ansei, in collaboration with the Ministry of Trade, Agribusiness and Industry, led by Elizabeth Ofosu-Agyare, the Mastercard Foundation and other development partners.

Professor Opoku-Agyemang commended the organisers and their partners for sustaining the initiative and providing a platform for women entrepreneurs to engage with policymakers, business leaders and development institutions.

She said government recognised the contribution of women to the economy and remained committed to creating an environment in which their businesses could grow and compete.

The proposed Women’s Development Bank forms part of efforts to improve financial inclusion and strengthen support for women-led enterprises, particularly those operating in the informal sector.

Its progress will now depend on the outcome of the Bank of Ghana’s licensing and regulatory review.