The Deputy Minister for Finance, Hon. Thomas Nyarko Ampem, has informed Parliament that substantial progress has been made toward the rollout of the Women’s Development Bank, a flagship financial inclusion initiative of the National Democratic Congress government under President John Dramani Mahama.
The project, first introduced as a key promise in the party’s 2024 “Resetting Ghana” Manifesto, is designed to address long standing financial barriers faced by women entrepreneurs, particularly limited access to affordable credit and exposure to predatory lending conditions.
Hon. Nyarko Ampem provided the update while responding to questions from the Member of Parliament for Techiman South, Hon. Martin Kweku Adjei Mensah Korsah, on the implementation timeline and readiness of the initiative.
From Manifesto Promise to Financial Institution
The Deputy Minister Hon. Thomas Ampem confirmed that the Women’s Development Bank has moved beyond policy design into formal institutional development.
He disclosed that the entity was legally incorporated on January 26, 2026, under the registered name WDB Ghana Limited, marking a major step in its transition into a regulated financial institution.
He added that government has officially submitted an application to the Bank of Ghana for a banking licence to enable full operations. The licensing process remains a key requirement before the institution can begin providing financial services to the public.
According to him, governance and operational planning for the project are being coordinated under a structured framework led by Vice President Professor Jane Naana Opoku Agyemang, reflecting the administration’s emphasis on high level oversight in its rollout phase.
Funding Commitments and Capital Structure
Hon. Nyarko Ampem further informed Parliament that the initiative is backed by dedicated public funding, which was announced earlier by the Minister for Finance, Dr Cassiel Ato Forson.
An initial allocation of GH¢51.3 million was provided in the 2025 Budget, with a significantly expanded commitment of GH¢401 million earmarked in the 2026 Budget to strengthen the bank’s capital base and support early operational needs.
He noted that additional implementation milestones are expected to be detailed during the upcoming Mid Year Fiscal Policy Review, where the Finance Minister will provide a comprehensive update on progress and timelines.
Target Groups and Financial Inclusion Mandate
The Women’s Development Bank is positioned as a specialised financial institution focused on empowering at least one million Ghanaian women across diverse economic sectors.
Its target beneficiaries include market women, small scale traders, female entrepreneurs in technology and digital startups, hairdressers, artisans, and women in formal corporate employment.
The institution is designed to operate with flexible lending arrangements that depart from conventional banking requirements. It will prioritise low interest credit, reduced collateral demands, and more adaptable repayment structures aimed at improving access for women who are often excluded from traditional financial systems.
Governance Model and Support Systems
A defining feature of the Women’s Development Bank is its governance structure, which is intended to be largely managed, staffed, and led by women. The model is designed to create an institution that is responsive to the lived realities of women entrepreneurs while strengthening trust and accessibility in financial service delivery.
Beyond lending, the bank is also expected to provide integrated non financial support services. These include business advisory programmes, digital literacy training, entrepreneurial mentorship, and structured capacity building aimed at improving long term business sustainability among clients.
Policy Objective and Next Phase
The government has framed the initiative as part of a broader financial inclusion agenda intended to expand access to capital, strengthen small business growth, and reduce structural inequalities in credit access.
With legal incorporation completed and regulatory approval processes underway, the Women’s Development Bank is now approaching a critical phase in its establishment.
The forthcoming fiscal policy review is expected to provide further clarity on operational timelines, final licensing progress, and rollout strategy as the institution moves closer to full deployment.
