Women traders are pinning their hopes on cheaper and more accessible credit as government moves to operationalize the proposed Women’s Development Bank in 2026.
Across Ghana, women-led micro and small enterprises, especially in the informal sector, continue to struggle with access to affordable financing. High interest rates, strict collateral demands and limited tailored products have forced many to rely on personal savings or informal lenders, stalling growth.
“Interest on loans is extremely high. Some lenders charge as much as one hundred cedis a week, or three hundred cedis a month, just as interest. For small-scale businesses like mine, the profit margins are too thin to sustain such rates,” Beatrice Oppong, a groceries operator, quipped.
Others see the proposed bank as a potential turning point. Felicia and her friends say they are confident the initiative will ease financing challenges and empower women entrepreneurs.
“We have absolute trust in the current government to deliver on its promise of rolling out the Women’s Development Bank this year. It will help address the challenges women face and make us more self-reliant,” they opined.
For Mary, a nurse, the bank could support side businesses and income diversification once fully operational.
“I am a nurse but it will help women and for me in particular if I want to start my own business”
Government backing appears firm. In the 2026 Budget, an allocation of GH¢401 million was made to the Women’s Development Bank, up sharply from GH¢51.3 million in 2025, to fully capitalise the institution and enable affordable lending to women-owned businesses.
However, some experts urge caution. Former Director of ISSER, Economist, Professor Peter Quartey, suggests leveraging existing banking infrastructure rather than building a new bank from scratch.
“I believe the banks can be supported to do this. Setting up a whole women’s bank, does it mean you’re going to have branches? I mean if you take Ghana Commercial Bank for example, it has branches in many parts of the regions.
“If you want to do the same with a women’s bank, are we going to have as many branches as possible, just like we have in commercial bank or ADB? I think this idea, well we’ve started it so, but we need to link with the existing banks and ensure that even if we establish a women’s bank, they work through the existing commercial banks, Ghana Commercial Bank, ADB, who have presence in most every part of the country,” he explained.
