The Ministry of Finance has announced that the government has formally applied to the Bank of Ghana for a licence to establish the proposed Women’s Development Bank, marking a significant step toward the implementation of one of its flagship financial inclusion initiatives.
The disclosure was made by Deputy Minister of Finance, Thomas Nyarko Ampem on Wednesday June 24, while responding to questions on the floor of Parliament regarding the current status of the project.
According to him, substantial groundwork has already been completed to facilitate the establishment of the bank, which is expected to provide targeted financial support to women-led businesses and entrepreneurs across the country.
This follows the incorporation of a new entity, WDB GH Ltd, on January 26, 2026, as part of preparatory steps toward the project.
Following the incorporation of the company, the government submitted an application to the Bank of Ghana seeking the regulatory approval required to commence operations as a licensed financial institution.
Mr. Ampem further disclosed that the government has made significant budgetary allocations toward the initiative. He noted that GH¢51.3 million was allocated for the intervention in 2025, while an additional GH¢450 million was earmarked in the 2026 Budget to support its implementation.
“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.
“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.–Citifmonline.com
