Women’s Development Bank key to closing finance gap — BoG
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has underscored the vital role that the forthcoming Women’s Development Bank will play in closing the persistent credit gap hindering the growth of women-led businesses across Ghana’s key economic sectors.
Speaking on behalf of the BoG Governor at the 2025 African Financial Inclusion Policy Initiative (AFIPI) meeting, First Deputy Governor Dr. Zakari Mumuni explained that the bank is a cornerstone of Ghana’s broader agenda to ensure gender-inclusive financial development.
“Beyond access, we are also committed to gender-inclusive finance. In 2023, Ghana joined the African Development Bank’s AFAWA initiative to support financial institutions in unlocking credit for women entrepreneurs through risk-sharing and technical assistance.
“Even more, under the leadership of His Excellency President John Dramani Mahama, Ghana is establishing a Women’s Development Bank, with seed capital of over GHS51 million allocated in the 2025 budget. This institution will directly address the persistent credit gap faced by women-led businesses, particularly in agriculture, trade, and tech,” Dr. Mumuni noted.
The central bank reiterated that financial inclusion for women is not just a matter of social justice but an economic necessity.
“These initiatives reflect our belief that women’s financial inclusion is not a social obligation but a smart economic strategy,” Dr. Mumuni stated.
The Women’s Development Bank is a flagship governmental commitment. It aims to serve as a special-purpose financial institution, designed by women, led by women, and dedicated to serving the financial needs of women-owned and women-led businesses.
The institution is expected to offer low-interest loans, grant facilities, and tailored financial services under flexible terms to empower Ghanaian women economically—particularly those operating in underserved or high-potential sectors.
Finance Minister Dr. Cassiel Ato Forson, during the presentation of the 2025 National Budget, confirmed the government has allocated GHS51.3 million as initial seed capital to operationalize the Women’s Development Bank.
