The Ministry of Finance has announced that government has formally applied to the Bank of Ghana for a licence to establish the proposed Women’s Development Bank, marking a key step in one of its flagship financial inclusion initiatives.

Deputy Minister of Finance, Thomas Nyarko Ampem, disclosed this on Wednesday, June 24, while responding to questions on the floor of Parliament regarding the status of the project.

He explained that significant preparatory work has already been completed to support the establishment of the bank, which is intended to provide targeted financial assistance to women-led businesses and entrepreneurs nationwide.

As part of the groundwork, a new entity, WDB GH Ltd, was incorporated on January 26, 2026. Following this incorporation, government submitted an application to the Bank of Ghana seeking regulatory approval to operate the institution as a licensed financial entity.

Mr Ampem also indicated that budgetary provisions have been made to support the initiative, with GH¢51.3 million allocated in 2025 and an additional GH¢450 million earmarked in the 2026 Budget for its implementation.

He further stated that the Finance Minister is expected to provide a comprehensive update on the project during the Mid-Year Fiscal Policy Review scheduled for July.