The 2025 budget statement presented by Finance Minister Dr. Cassiel Ato Baah Forson unveiled a significant initiative aimed at empowering women and bolstering economic growth: the establishment of a national Women’s Development Bank. With a GHS51.3 million seed fund allocation, this specialized financial institution represents a cornerstone of the government’s commitment to supporting vulnerable populations and building a more prosperous future for Ghana. This commitment aligns with the ruling National Democratic Congress’ 2024 manifesto pledge to economically empower at least one million Ghanaian women. The bank is poised to become a vital resource for women entrepreneurs, providing access to crucial financial services and fostering economic independence.
The Women’s Development Bank will primarily focus on facilitating access to capital for women-owned and women-led businesses. This will involve offering low-interest loans and other tailored financial products designed to meet the specific needs of women entrepreneurs. The flexible terms associated with these financial services will make them more accessible and less burdensome, addressing a key barrier often faced by women seeking to start or expand their businesses. By providing this much-needed financial support, the bank aims to stimulate growth within the women-owned business sector, contributing to overall economic development and job creation.
Beyond simply providing financial assistance, the Women’s Development Bank will also prioritize financial literacy programs. Recognizing that financial knowledge and management skills are essential for entrepreneurial success, the bank will equip women with the necessary tools to make sound financial decisions and effectively manage their businesses. These programs will cover a wide range of topics, from basic budgeting and accounting to more advanced concepts like investment and risk management. By empowering women with financial literacy, the bank aims to foster a generation of confident and capable entrepreneurs who can contribute meaningfully to the Ghanaian economy.
The establishment of the Women’s Development Bank is strategically linked to the government’s broader economic agenda, particularly its commitment to implementing a 24-hour economy. This policy aims to maximize resource utilization, boost productivity, and create more job opportunities by extending economic activities beyond traditional working hours. The bank’s role in supporting women-owned businesses is expected to be a key driver in achieving this goal, as it will stimulate economic activity and contribute to a more dynamic and vibrant economy. The government envisions an integrated, efficient, and export-driven industrial economy that leverages the country’s full potential, and the Women’s Development Bank is a key component in realizing this vision.
The 2025 budget, according to Dr. Forson, represents more than just a collection of figures; it is a comprehensive roadmap for achieving sustainable economic growth, stability, and opportunity for all Ghanaians. He called for collective action and collaboration among all stakeholders, including Parliament, the business community, civil society, investors, and citizens, to support the implementation of the budget’s bold reforms. This collaborative approach, he stressed, is essential to rebuilding confidence in the economy, fostering innovation, and ultimately uplifting all segments of Ghanaian society. The government’s vision extends beyond addressing immediate economic challenges to securing a prosperous future for the nation.
The Minister emphasized the importance of unity and determination in achieving the ambitious goals outlined in the budget. He expressed confidence that by working together, Ghana can overcome current economic hurdles and create a more resilient and thriving economy. The budget emphasizes the importance of not only addressing immediate challenges but also creating a foundation for long-term prosperity. The Women’s Development Bank, with its focus on empowering women entrepreneurs, stands as a testament to this commitment, promising to play a significant role in shaping a brighter economic future for Ghana.
