Women’s Development Bank critical to closing credit gap for female-led businesses – BoG

The Bank of Ghana (BoG) has stated that the establishment of a Women’s Development Bank is expected to help address longstanding credit access constraints facing women-led enterprises across sectors, including trade, agriculture and technology.

Delivering remarks on behalf of the Governor at the 2025 African Financial Inclusion Policy Initiative meetings on June 20, First Deputy Governor Dr. Zakari Mumuni stated that the move forms part of broader efforts to advance gender-inclusive financial policies.

“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, supporting financial institutions to unlock 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 a seed capital of over GHȼ51 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 areas. These initiatives reflect our belief that women’s financial inclusion is not a social obligation but a smart economic strategy,” Dr. Zakari Mumuni.

The establishment of the Women’s Development Bank was a key promise by President Mahama ahead of the 2024 elections.

It is a special-purpose bank run by women to support women-owned and women-led businesses with low-interest loans and other tailored financial services on very flexible terms. This is aimed at the economic empowerment of millions of Ghanaian women.

Finance Minister Dr. Cassiel Ato Forson, during the 2025 Budget presentation, announced that the government has allocated GH¢51.3 million as seed fund for the establishment of the Women’s Development Bank.