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

By Prince Antwi June 25, 2026

The Ministry of Finance has formally applied to the Bank of Ghana (BoG) for a licence to establish the proposed Women’s Development Bank, a key government initiative designed to expand financial inclusion and provide tailored support for women entrepreneurs and businesses across the country.

Deputy Minister of Finance Thomas Nyarko Ampem disclosed this in Parliament on Wednesday, June 24, 2026, while responding to questions from Members of Parliament regarding progress on the project.

According to Mr. Ampem, substantial groundwork has already been completed to facilitate the establishment of the bank. As part of the preparatory process, WDB GH Ltd was incorporated on January 26, 2026, to serve as the legal entity through which the bank will operate.

“I can confirm that a lot of preparatory work has been done. On January 26, 2026, the company WDB Ghana Limited was incorporated. The government has subsequently applied to the Bank of Ghana for a licence to operate the Women’s Development Bank,” he told the House.

The Deputy Finance Minister further revealed that government has earmarked significant financial resources for the initiative. He noted that GH¢51.3 million was allocated to the project in 2025, while an additional GH¢450 million has been provided for in the 2026 national budget to support its implementation.

Mr. Ampem assured Parliament that a comprehensive update on the progress of the Women’s Development Bank will be presented by the Finance Minister during the Mid-Year Fiscal Policy Review scheduled for July 2026.

“I wish to assure the House and Honourable Members that the Minister for Finance will provide a full update on this intervention as part of the Mid-Year Fiscal Policy Review scheduled for next month, July,” he stated.

The proposed Women’s Development Bank is expected to offer specialized financial products, affordable credit facilities and business support services aimed at empowering women-led enterprises, promoting entrepreneurship and enhancing economic participation among women nationwide.

The initiative forms part of the government’s broader strategy to improve access to finance for underserved groups and strengthen inclusive economic growth across Ghana.