Ghana is taking a major step to empower women entrepreneurs. The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has announced that the government will establish a Women’s Development Bank. It will support women-led businesses with funding and advisory services.
Also Read
Speaking at the 14th AFI Leaders’ Roundtable, Dr. Mumuni revealed that GHS 51.3 million has been allocated in the 2025 national budget to set up the bank.
Targeting Key Sectors
According to Dr. Mumuni, the bank will focus on businesses in agriculture, trade, and technology. These sectors are critical for growth but remain difficult for women to access funding. “This institution will directly address the persistent credit gap faced by women-led businesses,” he said.
Backed by International Partnerships
Ghana’s commitment to financial inclusion goes beyond this initiative. In 2023, the country joined the African Development Bank’s AFAWA initiative. This programme helps financial institutions unlock credit for women entrepreneurs using risk-sharing and technical assistance.
Dr. Mumuni stressed that women’s financial inclusion is more than a social duty, it is a smart economic strategy.
Cybersecurity: A New Challenge
The Deputy Governor also warned about the growing risks in digital finance. As digital services expand, so do threats like cybercrime. He stated that in 2022, Ghana recorded over 21,000 attempted fraud cases in the financial sector. “Cybersecurity is now a strategic imperative,” he noted. “It must go hand in hand with inclusion to maintain trust and system stability.”
A Call for Collective Action
Dr. Mumuni praised the collaboration among African financial leaders at the roundtable. He called on all stakeholders to lead together in building a safe and inclusive financial future. “The digital future is full of promise,” he concluded. “But that promise will only be realized if it is built on trust, inclusion, and security.”
