A milestone has been achieved in the government’s bid to establish the highly anticipated Women’s Bank, with GH¢400 million officially deposited into an escrow account at the Bank of Ghana.
Finance Minister Dr Cassiel Ato Forson made the disclosure, noting that the substantial payment is a crucial leap towards securing the necessary banking licence, with expectations high that the financial institution will open its doors to the public before the curtains close on 2026.
Dr Forson shared the update during an official engagement at the Ministry of Finance, where Vice President Professor Naana Jane Opoku-Agyemang paid a working visit. Addressing the Vice President, the Finance Minister gave firm assurances that the ministry is pulling out all the stops to ensure the operational timeline is strictly met.
“We will do whatever it takes to make sure that the bank is operationalised this year,” he said.
The Minister confirmed that the central bank is already moving forward with the foundational steps now that the GH¢400 million capitalization hurdle has been cleared.
“For your information, Madam, we have paid GH¢400 million, being the capitalisation amount, into an escrow account at the Bank of Ghana. The Bank of Ghana is now beginning the process to assess the bank so that they can grant licences for its operationalisation,” he stated.
With the seed funding secured, the focus now shifts to fulfilling other stringent regulatory benchmarks set by the Bank of Ghana. Dr Forson indicated that this critical next phase hinges on selecting a competent governing board and an executive management team to steer the bank’s affairs.
He revealed plans to consult the Vice President shortly regarding leadership choices to keep the licensing process on a smooth, uninterrupted track.
“What we will now have to do is put in place the management and the board of the bank. It’s all part of the assessment that the central bank will require. I’ll be coming to you in the coming days to get the nominations so that as soon as possible we can nominate them for them to begin their work,” he said.
The Finance Minister remained upbeat that all pending administrative and regulatory requirements would wrap up right on time, paving the way for full operations to commence within the year.
Dr Forson also seized the opportunity to praise the workforce at the Finance Ministry, commending their steadfast dedication to driving the state’s economic recovery program forward.
By: Rainbowradioonline.com/Ghana