Minister of State in charge of Government Communications, Felix Kwakye Ofosu, has stated that the proposed Women’s Development Bank is expected to begin operations by the first quarter of 2027, as government moves to complete the processes needed to establish the institution.

He said significant progress had been made towards setting up the bank, with GH¢400 million already deposited in an escrow account as its initial capital and the Bank of Ghana currently reviewing its application for a banking licence.

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Speaking in an interview with the media on Thursday November 13, 2026 ahead of the 2027 budget presentation in parliament, Kwakye Ofosu said Finance Minister Dr Cassiel Ato Forson had also committed an additional GH¢100 million to support the bank’s operational activities before the end of 2026.

“The minister has already set aside GH¢400 million in an escrow account to capitalise the bank. Indeed, by the end of this year, he will give them another GH¢100 million as their operational funds,” he said.

He explained that the additional funding would help the institution prepare for business, including paying staff, furnishing its offices and putting the necessary facilities in place to begin serving customers.

Kwakye Ofosu said the bank had secured office space in an ultramodern complex around the former Ministry of Finance area and was awaiting regulatory approval to commence operations.

“As I speak to you, they have submitted a request for a banking licence. The Bank of Ghana is reviewing it and, in short order, they will give them the licence,” he stated.

He also disclosed that government intends to make the bank accessible to women across the country through the 24-hour markets being developed. He said each of the markets would have space for the institution, giving it a presence in all 261 districts.

“Each of those markets will have space for the Women’s Development Bank. So, they will have a presence in all 261 districts of Ghana,” he said.

He added that the bank was expected to provide financial services to women entrepreneurs and traders who need support to grow their businesses.

Kwakye Ofosu maintained that the project was progressing and dismissed suggestions that government had failed to fulfil its commitment to establish the institution.

“The plans are well advanced. They are just waiting for the grant of a banking licence. The money that they are going to use to operate is ready,” he said.

He said the latest indication from those involved in the programme was that the bank should be up and running by the first quarter of 2027, provided the remaining processes are completed on schedule.

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