Ghana has an opportunity to secure funding from its development partners for the establishment of a Women’s Development Bank
The NDC’s 2024 election manifesto, titled Resetting Ghana for Jobs, Accountability, and Prosperity, includes a commitment to promoting gender equality across all aspects of national life. Among these initiatives is the establishment of a state-owned Women’s Development Bank, designed to provide loans and financial products to empower Ghanaian women in pursuing viable economic ventures and fulfilling their socio-economic and political financial obligations.
During the presentation of his maiden Budget Statement to Parliament on 11th March 2025, the Minister of Finance, Hon. Ato Cassiel Forson, announced that an initial allocation of 51 million Ghana cedis had been earmarked as seed funding for the creation of the bank. Subsequently, the Vice President, Professor Jane Naana Opoku-Agyemang, convened a strategy meeting with her team to outline the roadmap for its establishment.
These developments signal the government’s dedication to fulfilling this manifesto promise.
While critics, particularly from the opposition New Patriotic Party, have argued that the 51 million Ghana cedis allocation falls short of the statutory 400 million cedis minimum capital required to set up a bank, it is important to recognize that the establishment of a bank is a phased process. Part of this seed money may be used for preparatory activities, including the development of legal and institutional frameworks and mobilizing additional capital to realize the bank’s full potential.
Gender equality and women’s empowerment are key priorities for international bodies such as the United Nations, African Union, and European Union. Many donor organizations and countries now require evidence of equal opportunity initiatives when providing financial assistance. By committing to the creation of the Women’s Development Bank, the Ghanaian government positions itself to attract funding from sources such as the African Development Bank Group’s Affirmative Finance Action for Women in Africa (AFAWA) and the UN Development Fund for Women.
The Women’s Development Bank will remain unaffiliated with any political party and will serve all Ghanaian women, regardless of their political orientation. This initiative has the potential to be transformative in advancing gender equality and fostering economic empowerment among women in Ghana.
Thanks
Alhaji Alhassan Mbalba
Former Chairman
NDC-UK/Ireland Chapter
