Vice President Professor Naana Jane Opoku-Agyemang has announced significant progress towards the establishment of Ghana’s proposed Women’s Development Bank, revealing that the committee responsible for setting up the institution has completed its work and submitted a banking licence application to the Bank of Ghana.
The application, submitted through the Ministry of Finance, is now awaiting regulatory consideration by the central bank before the government can advance the next stages of establishing the financial institution.
The Vice President made the announcement while speaking at the 15th Ghana Economic Forum, organised by the Business and Financial Times.
The proposed Women’s Development Bank was one of the major financial and economic policy promises featured in the National Democratic Congress (NDC)’s 2024 election campaign.
Women’s Development Bank Committee Completes Preparatory Work
Professor Opoku-Agyemang explained that the government had established a dedicated committee to ensure that the proposed bank reflects the financial needs, experiences and aspirations of Ghanaian women.
She noted that the committee brought together representatives from different sectors, including market women, susu collectors, women’s business associations, financial sector professionals and other relevant stakeholders.
According to her, involving women directly in the planning process is essential to ensuring that the institution delivers meaningful financial support to its intended beneficiaries.
She expressed satisfaction that the committee had completed its assignment and formally submitted the banking licence application through the Ministry of Finance to the Bank of Ghana for the necessary regulatory assessment.
Bank of Ghana to Review Women’s Development Bank Application
The submission of the licence application marks an important step towards the establishment of the proposed bank, which is expected to improve access to financial services and business funding for women across Ghana.
Once established and appropriately licensed, the institution is expected to provide financial opportunities for women entrepreneurs, traders, small business owners and other underserved groups.
The proposed bank also forms part of the government’s broader efforts to promote women’s economic empowerment, financial inclusion and private-sector development.
The application is currently awaiting consideration by the Bank of Ghana, as the government continues preparations to bring the Women’s Development Bank into operation.
The initiative is expected to play an important role in supporting women-led businesses, improving access to affordable financing and strengthening the contribution of women to Ghana’s economic growth.
Source: newsthemegh.com