Mahama gives update on Women’s Development Bank

President John Mahama has announced that processes are underway to establish the Women’s Development Bank, a specialized financial institution aimed at supporting women-led businesses.

During his State of the Nation Address (SONA) on February 27, 2025, he stated that the Finance Minister, Dr. Cassiel Ato Forson, will allocate initial funding for the bank in the upcoming Budget presentation as part of the government’s 120-day social contract.

The bank will provide low-interest loans and flexible financial services to female entrepreneurs, addressing challenges such as high interest rates and stringent collateral requirements that hinder access to funding.

The Ministry of Gender, Children, and Social Protection, in collaboration with the Bank of Ghana (BoG), will oversee the bank’s establishment, with plans to make it fully operational by mid-2025.

The government is also working with international development agencies and women-focused NGOs to mobilize resources for the initiative, which is expected to empower women and drive economic growth.