Women Bank in limbo as Finance Minister fails to provide funds

The National Democratic Congress, NDC government’s plan to establish a Women’s Development Bank, a flagship initiative aimed at empowering women entrepreneurs across the country, has stalled due to delays in fund releases by the Ministry of Finance.

Despite promises and budget allocations, the bank remains a pipedream, raising questions about the government’s commitment to women’s economic empowerment.

The Women’s Development Bank was a key campaign promise of President John Dramani Mahama and the NDC ahead of the 2024 general elections. And the Vice President, Prof Jane Naana Opoku-Agyemang had taken it as a personal project to see to its implementation. But the bank has failed to take off as no funds had been released despite budgetary provision.

It was designed as a special-purpose financial institution to provide low-interest loans, flexible financial services, and tailored support to women-owned and women-led businesses.

Target beneficiaries range from market women and caterers to graduates, corporate women, and those in agribusiness, with the overarching goal of promoting financial inclusion and reducing economic inequalities among women across Ghana.

In the 2025 budget, Finance Minister Cassiel Ato Forson announced that GH¢51.3 million had been allocated as seed capital for the bank’s establishment.

Speaking in Parliament in March, he stated, “Mr. Speaker, we have allocated GH¢51.3 million as seed fund for the establishment of the Women’s Development Bank,” emphasizing the government’s commitment to boosting women’s access to financial resources.

However, months later, the initiative has failed to materialize.

The country is entering new budget cycle as the Minister presents 2026 budget tomorrow.

Sources within government ministries indicate that the GH¢51.3 million allocation has not been released, and many ministries, departments, and agencies (MDAs) remain without the funds needed to carry out their core activities despite budgetary allocations.

Reports suggest that ministries cannot pay contractors, purchase essential supplies, or sustain ongoing projects, reflecting a broader freeze in government spending.

Ministers, including newly appointed cabinet members, have reportedly gone months without salaries, relying on handouts and donations to meet personal and operational obligations.

Critics have argued that the allocated seed capital is insufficient to establish a bank in Ghana.

Richard Ahiagbah, Director of Communications for the opposition New Patriotic Party (NPP), described the initiative as “dead on arrival,” stating on social media that “the allocated GH¢51.3 million cannot establish a bank in Ghana. Women are not a priority for the John Mahama Administration. Unfulfilled promise.”

The financial freeze is part of a broader effort by the Finance Minister to tighten fiscal controls, citing the need to stabilize the cedi and prevent overspending under IMF programmes.

While these measures are intended to ensure transparency and macroeconomic stability, they have also slowed the execution of key government policies, including those targeting women’s economic empowerment.

As the 2026 budget presentation approaches, the Ministry of Finance has requested new budget proposals from MDAs, even as many of 2025 allocations remain unpaid.

Stakeholders in the women’s business community, who had eagerly anticipated access to affordable financing, now face uncertainty, with the establishment of the Women’s Development Bank hanging in the balance.