Govt releases GH¢400million capital for Women's Development Bank

Finance Minister Dr. Cassiel Ato Forson has announced that the government has deposited GH¢400 million into an escrow account at the Bank of Ghana as the capitalisation fund for the proposed Women's Development Bank, marking a major milestone towards the establishment of the specialised financial institution.

According to the Minister, the deposit satisfies the bank's minimum capital requirement and paves the way for the Bank of Ghana to commence the regulatory assessment and licensing process ahead of the bank's operationalisation.

"For your information, 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 it can grant approval for its operationalisation," Dr. Forson said.

He expressed confidence that all regulatory requirements would be completed on schedule, assuring that the Women's Development Bank would begin operations by the end of the year.

Dr. Forson made the announcement when Vice President Prof. Naana Jane Opoku-Agyemang paid a working visit to the Ministry of Finance last Thursday. She was accompanied by the Chief of Staff at her office, Alex Segbefia, and other officials, and was received by the Finance Minister, his deputy, Thomas Nyarko Ampem, and staff of the ministry.

The Finance Minister explained that the next stage of the process would involve establishing the bank's governance structures, including appointing a board of directors and management team, as required under the Bank of Ghana's licensing framework.

He disclosed that consultations on nominations would begin shortly to ensure the appointments are made without delay.

"We will now have to 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 described the Women's Development Bank as one of the government's flagship initiatives and reaffirmed its determination to ensure the project is successfully implemented this year.

"We know the Women's Development Bank is a personal passion, and it's something that you want to see work. We want to use this opportunity to assure you that we'll do whatever it takes to make sure that the bank is operationalised this year," he stated.

Beyond the bank's establishment, Dr. Forson outlined the government's broader economic recovery strategy, stressing that current reforms are intended to improve the living conditions of Ghanaians rather than simply deliver favourable macroeconomic indicators.

He said the administration remained focused on rebuilding the economy through sustainable job creation, particularly for young people, while ensuring that employment opportunities provide decent incomes.

"We can see a country where jobs will be created, particularly for the youth. And not only jobs, but salaries will be decent, and the salary will be enough to enable people to have a decent living," he said.

The Minister further indicated that Ghana's economy was beginning to recover following what he described as difficult but necessary fiscal reforms introduced by the Mahama administration.

According to him, the country is nearing the end of its fiscal consolidation programme and is expected to shift from austerity to growth and job creation from 2027.

Dr. Forson disclosed that the government has already honoured Eurobond debt repayments amounting to approximately US$1.4 billion this year, including an early payment made before the end of December to reduce pressure on public finances at the beginning of the year.

He also revealed that government had successfully settled a GH¢10 billion GDP-linked bond payment in February and had accumulated sufficient reserves to meet another GH¢10 billion obligation due in early August.

Looking ahead, the Finance Minister warned that 2027 would present an even greater fiscal challenge, with Ghana expected to service about GH¢54 billion in debt obligations, including nearly GH¢39 billion due in February alone.

He stressed that the government remained committed to maintaining fiscal discipline while laying the foundation for sustainable economic growth and long-term stability.

Vice President Prof. Naana Jane Opoku-Agyemang welcomed the progress made towards establishing the Women's Development Bank, describing it as a significant step towards promoting inclusive economic growth and expanding access to finance for women-owned micro, small and medium-sized enterprises.

She said the bank would provide financial opportunities for many women who are unable to access traditional banking services due to the absence of collateral, enabling them to grow their businesses, improve household incomes and contribute more effectively to national development.

Prof. Opoku-Agyemang also commended Dr. Forson, his deputy and the staff of the Ministry of Finance for their commitment to managing the country's economic challenges and urged public servants to remain focused on building a stronger and more resilient economy through discipline, collaboration and sound economic management.

She further called for greater value addition to Ghana's natural resources instead of the continued export of raw commodities such as gold and cocoa.

The Vice President also applauded the ministry for achieving 41 per cent female representation among its workforce, describing it as a positive reflection of the growing role of women in national leadership and decision-making.