The Bank of Ghana (BoG) has reaffirmed its commitment to advancing gender-inclusive finance with the upcoming launch of a Women’s Development Bank, aimed at addressing persistent credit access challenges faced by women-led businesses across various sectors, including trade, agriculture, and technology.

Speaking on behalf of the BoG Governor at the 2025 African Financial Inclusion Policy Initiative meetings on June 20, First Deputy Governor Dr. Zakari Mumuni highlighted the initiative as part of Ghana’s broader push toward financial equity and inclusive economic growth.

“Beyond access, we are also committed to gender-inclusive finance. In 2023, Ghana joined the African Development Bank’s AFAWA (Affirmative Finance Action for Women in Africa) initiative, which supports financial institutions in unlocking credit for women entrepreneurs through risk-sharing and technical assistance.” Dr. Mumuni stated.

He added that the Women’s Development Bank, announced under the leadership of President John Dramani Mahama, will be launched with an initial seed capital of over GH¢51 million, allocated in the 2025 national budget.

“This institution will directly address the persistent credit gap faced by women-led businesses, particularly in agriculture, trade, and technology. These initiatives reflect our belief that women’s financial inclusion is not just a social obligation but a smart economic strategy,” Dr. Mumuni emphasized.

The creation of the Women’s Development Bank was a key campaign pledge by President Mahama during the 2024 general elections. The bank is designed as a special-purpose financial institution, led and managed by women, to provide low-interest loans and flexible financial services tailored to the unique needs of women entrepreneurs.

Finance Minister Dr. Cassiel Ato Forson confirmed during the 2025 Budget presentation that GH¢51.3 million has been earmarked as seed funding for the initiative.