Women's Development Bank has taken too long to be implemented — GUTA Vice President

The Vice President of the Ghana Union of Traders Association (GUTA), Joseph Paddy, has expressed concern over delays in the operationalisation of the Women Development Bank.

The Women’s Development Bank, an initiative of the National Democratic Congress administration, is envisioned to provide start-up capital for women-led businesses and offer low-interest loans to market women to help them expand their ventures.

It is also expected to support existing women-led enterprises with financial resources to scale up.

On Thursday, July 23, Finance Minister Dr. Cassiel Ato Forson announced during the 2026 Mid-Year Budget Review that the government had made significant progress towards establishing the bank.

The Minister said the Women's Development Bank had been incorporated, an application for a banking licence had been submitted to the Bank of Ghana, and GH¢400 million had been deposited as its initial capital, with operations expected to begin before the end of the year.

Speaking on JoyNews' AM Show on Friday, Paddy said women traders continue to face high borrowing costs and urged the government to expedite the implementation of the initiative.

"So when government came out with this women's banking, we thought it was a good idea, but it's keeping that too long. Let's see the modality is going to work out, how the women can go to assess it and what can be done around it so that they can have a cheaper credit to trade," he said.

The GUTA Executive noted that the high cost of credit remains one of the biggest challenges confronting traders, particularly women, many of whom rely on expensive informal loans to finance their businesses.

According to him, some women traders borrow money at interest rates as high as 10 percent a month, translating into more than 120 percent annually, making it difficult for them to expand their businesses and remain competitive.

He also called for transparency in the implementation of the Women's Development Bank for the scheme should be accessible to all eligible women and not be influenced by political considerations.

"One of the things we're looking for is the women's banking because cost of trading is expensive in a country. We want to see the modalities. We don't want this to be coloured like others... it should be opened up to the women because women do better in trading," he added.