Women’s Development Bank applies to BoG for banking licence – Vice President

The proposed Women's Development Bank has submitted an application to the Bank of Ghana (BoG) for a banking licence, marking a major step towards its establishment.

Vice President Professor Jane Naana Opoku-Agyemang says a dedicated committee tasked with developing the institution has completed its work and submitted the application through the Ministry of Finance for regulatory consideration.

Speaking at the 15th Ghana Economic Forum, she said the bank is being designed to address persistent financing challenges confronting women-owned businesses, particularly those operating in the informal sector.

She explained that the institution will adopt a different approach from conventional banks by bringing financial services closer to women entrepreneurs and traders.

"We therefore constituted a dedicated committee that brought together market women, susu collectors, representatives of women's business associations, financial sector professionals and other key stakeholders," she said.

The Vice President noted that the committee's work was guided by the need to ensure that the bank reflects the actual experiences and financial needs of women.

"My conviction has always been that an institution established to serve women must be shaped by the experiences, aspirations and everyday realities of those very women," she added.

Professor Opoku-Agyemang cited Ghana Statistical Service data indicating that women manage nearly 60 per cent of micro-establishments but account for less than 10 per cent of large businesses.

She said the disparity highlights the need for targeted financial interventions to help women-owned enterprises expand and become more competitive.

"This bank is not meant to be just another financial institution. It is conceived as a last-mile bank designed to bring financial services closer to the women whose enterprise and hard work sustain our markets and local economies," she stated.