Women's Development Bank: Economist Demands Clear Blueprint in 2027 Budget
Accra, Ghana — A leading economist is calling on the government to use the 2027 National Budget to provide a crystal-clear roadmap for the proposed Women's Development Bank, a flagship initiative aimed at empowering one million Ghanaian women economically.
Dr Gloria Afful-Mensah, Senior Lecturer at the University of Ghana's Department of Economics, told journalists at the NETRIGHT Public Forum on Tuesday, September 8, 2026, that the budget must spell out the bank's operational model, mandate, and how it will coordinate with existing financial institutions. She expressed concern that the 2026 mid-year fiscal policy review offered no update on the initiative.
“It is important that in the 2027 budget we get a more detailed update on where we are with regard to the Women's Development Bank. It is only when you get to know the specifics with the Women's Development Bank that we can learn from the failure of some of these initiatives to be able to correct them,” she said.
What is the Women's Development Bank?
The proposed bank is designed to offer low-interest loans and tailored financial services to women-owned and women-led businesses. The government has already applied to the Bank of Ghana for a licence to establish the institution, signalling strong political will to close the gender financing gap.
Avoiding duplication with commercial banks
Dr Afful-Mensah, however, warned against duplicating the gender-focused desks and programmes that commercial banks already operate. She stressed that the new bank must carve out a distinct role to add real value.
“You also don't want to see duplicity in terms of what the various gender desks in the banks are doing and what the Women's Development Bank is intended to do. So we hope that the specifics will come out quite clearly in the 2027 budget so that we can build on to promote women's economic development,” she added.
Growth without women: a missed opportunity
The economist pointed to Ghana's impressive 6.8% economic growth in the first quarter of 2026, but warned that the sectors driving that growth, particularly parts of agriculture, have limited female participation. Many women in agriculture focus on food crop production, while high-growth areas like cocoa, forestry, and logging are male-dominated.
“If we have growth in the agricultural sector that is propelled by male-dominated subsectors, it means that certain people are left behind, and so it is important that we look at the drivers of growth from a gender perspective,” she stressed.
24-hour economy must factor in women's unpaid work
Dr Afful-Mensah also urged the government to consider women's unpaid care and domestic responsibilities when rolling out the 24-hour economy model market initiative. She argued that the policy should create opportunities without overburdening women.
“If you have a 24-hour market, if a woman is supposed to be there, what happens to the care work, the unpaid care work or domestic work? The model market is supposed to incorporate issues that concern not just the economic activities of women, but also the unpaid care and domestic activities of women, so that they'll be able to combine them efficiently,” she stated.
What this means for Ghana's business landscape
For Ghana's growing community of women entrepreneurs and diaspora investors, the clarity sought by Dr Afful-Mensah is not just an academic exercise. It is a practical necessity. A well-defined Women's Development Bank could unlock significant capital for female-led SMEs, boost formalisation, and position Ghana as a regional leader in gender-inclusive finance.
The 2027 budget, expected in November 2026, will be a critical test of the government's commitment to turning this promise into a functioning, impactful institution. The business community, women's groups, and development partners will be watching closely.
Frequently Asked Questions
When will the Women's Development Bank be established?
The government has applied to the Bank of Ghana for a licence, but no official timeline has been announced. The 2027 budget is expected to provide more clarity on the next steps.
Who will benefit from the Women's Development Bank?
The bank is designed to serve women-owned and women-led businesses, with the goal of economically empowering at least one million Ghanaian women through low-interest loans and other financial services.
How will the bank differ from existing gender desks in commercial banks?
This is a key question the economist wants answered. The bank must avoid duplicating services already offered by commercial banks' gender-focused desks and instead fill a distinct gap in the market.