The government has deposited GH¢400 million into an escrow account at the Bank of Ghana as the required capital for the establishment of the proposed Women’s Bank, Finance Minister Dr Cassiel Ato Forson has announced.
The minister said the payment marks a major milestone in the bank’s establishment and clears the way for the Bank of Ghana to begin the licensing process. He expressed confidence that the bank would become operational before the end of 2026.
Speaking during a working visit by Vice President Professor Naana Jane Opoku-Agyemang to the Ministry of Finance, Dr Forson said the government remained committed to meeting the timeline.
“We will do whatever it takes to make sure that the bank is operationalised this year,” he said.
Providing an update on the project, Dr Forson disclosed that the full capital requirement had already been deposited with the central bank.
“For your information, Ma’am, we have paid GH¢400 million, being the capitalisation amount, into an escrow account at the Bank of Ghana. The Bank of Ghana is now beginning the process to assess the bank so that they can grant licences for its operationalisation,” he stated.
He explained that the next stage of the process involves meeting the Bank of Ghana’s regulatory requirements, including the appointment of a governing board and a management team.
According to the Finance Minister, he will engage the Vice President in the coming days on nominations for the bank’s leadership to facilitate the licensing process.
“What we will now have to do is put in place the management and the board of the bank. It’s all part of the assessment that the central bank will require. I’ll be coming to you in the coming days to get the nominations so that as soon as possible we can nominate them for them to begin their work,” he said.
Dr Forson expressed optimism that the remaining regulatory processes would be completed on schedule, enabling the Women’s Bank to commence operations before the end of the year.
He also commended staff of the Ministry of Finance for their dedication to supporting the government’s economic recovery efforts.
In a light-hearted moment, the minister joked that the Vice President’s visit had inspired ministry staff to make sacrifices for national development.
“Our staff will agree not to take salary this month as their contribution,” he quipped, before clarifying that the remark was made in jest.
Dr Forson said the ministry remained focused on implementing policies that would improve livelihoods, strengthen the economy and create sustainable employment opportunities.
“We do our bit to make sure that the economy we inherited becomes better—not just in the numbers, but in the way our people live. We want to see a country where jobs will be created, particularly for the youth, and where salaries are decent enough to support a decent standard of living,” he added.
The proposed Women’s Bank is expected to improve access to finance for women-owned businesses and female entrepreneurs, advancing the government’s broader agenda of financial inclusion and women’s economic empowerment.
