Vice President Prof Naana Jane Opoku-Agyemang has announced that the government's proposed Women's Development Bank is expected to be inaugurated soon as part of efforts to promote inclusive economic growth and expand access to finance for women-owned businesses.

Speaking during a visit to the Ministry of Finance, the vice president said government had made significant progress towards establishing the specialised financial institution.

"We've all worked very, very hard to ensure that we've established this bank, that we are going to inaugurate it not too long in the future," she said.

Prof Opoku-Agyemang said the bank forms part of government's commitment to ensuring that economic growth benefits all sections of society, particularly women who often face challenges accessing credit from traditional financial institutions.

According to her, the bank will primarily support women at the lower end of the economic ladder, many of whom operate small businesses but are unable to secure loans because they cannot meet collateral and other lending requirements.

"It will include the people in the margins, most of whom happen to be women at the bottom of the pyramid, and who sometimes don't have the means to go to the established banks with their collateral and all these requirements, but who also need support anyway in building their small businesses, in taking care of their families, and in taking care of themselves," she said.

The vice president also disclosed that GH¢450 million has already been committed towards the initiative and expressed optimism that additional resources would be made available as implementation progresses.

"We are very, very happy that we've come this far, even with our... 450... We know that more is coming," she added.

The Women's Development Bank was one of the key promises made by the National Democratic Congress (NDC) ahead of the 2024 general election, with the party pledging to establish a dedicated financial institution to improve access to affordable credit for women entrepreneurs and small businesses. The government is yet to announce an official date for its inauguration.