Government applies to BoG for licence to establish Women’s Development Bank

The government has submitted a request to the Bank of Ghana for a banking license to establish the Women's Development Bank. Vice President Professor Jane Naana Opoku-Agyemang revealed this at the 15th Ghana Economic Forum, which focused on mobilizing capital, technology, and policy to support Ghana's industrial growth. The committee responsible for the bank's development has finalized its work and submitted the application for regulatory approval.

Professor Opoku-Agyemang emphasized that the committee consulted diverse stakeholders, including market women, susu collectors, women's business associations, and financial sector professionals, to ensure the bank addresses the specific needs of its female target customers. She highlighted that the bank's structure and operations should be influenced by the experiences and concerns of women.

The Women's Development Bank aims to provide financial services to women entrepreneurs and businesses, bringing banking services closer to those in local markets who often struggle to access funding from conventional financial institutions. The Vice President expressed her conviction that the institution must be shaped by women's realities and aspirations.

The bank is set to expand financial access, particularly for market traders and small-scale women entrepreneurs facing challenges securing funding through traditional financial channels.