Naana Jane Opoku-Agyemang announces Women’s Development Bank license bid

Vice-President Professor Naana Jane Opoku-Agyemang has announced that an application for a banking license for the proposed Women’s Development Bank has been formally submitted to the Bank of Ghana. Speaking at the 5th Ghana Women Entrepreneurship Summit (GWES 2026) in Accra, she revealed that a dedicated committee has completed the necessary groundwork for the institution's establishment. The initiative is designed to dismantle the persistent financial barriers that have historically hindered women entrepreneurs from scaling their businesses from the informal sector into larger industrial enterprises.

The summit, held under the theme "Empowering Women to Drive Trade, Innovation and Industrial Growth," emphasized the government's commitment to economic transformation through gender-inclusive financing. Professor Opoku-Agyemang noted that while women represent a significant portion of Ghana's economic activity, they remain underrepresented in the ownership of large-scale enterprises. The proposed bank aims to address this by providing responsive financial solutions, credit access, and business development support tailored specifically to women-led Micro, Small, and Medium Enterprises (MSMEs).

Ms. Margaret Ansei, Chief Executive Officer of the Ghana Enterprises Agency (GEA), highlighted the specific financing constraints that limit the growth of women-owned businesses. She called for enhanced institutional support and expanded market access to ensure these enterprises become both competitive and sustainable. Supporting this vision, the Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, urged for the simplification of business formalization processes. She stressed that reducing the complexity of registration is critical for women to access formal contracts and broader investment opportunities.

Beyond direct financing, stakeholders at the summit underscored the importance of timely payments from both corporate and public institutions to help women-led businesses maintain healthy cash flow. The establishment of the Women’s Development Bank is viewed as a cornerstone of the government's strategy to unlock the full economic potential of Ghanaian women. By combining specialized banking services with skills training and value-addition initiatives, the government aims to foster a new era of industrial growth and innovation led by female entrepreneurs.