The government has paid GH¢400 million into an escrow account at the Bank of Ghana as the required capital for the establishment of the proposed Women's Bank, Finance Minister Dr Cassiel Ato Forson has announced.

The Minister said the payment marks a major step towards securing a banking licence, adding that the government expects the bank to become operational before the end of the year.

Speaking during a working visit by Vice President Professor Naana Jane Opoku-Agyemang to the Ministry of Finance, Dr Forson assured her that every effort was being made to meet the target.

"We will do whatever it takes to make sure that the bank is operationalised this year," he said.

According to him, the GH¢400 million capital requirement has already been deposited into an escrow account at the central bank, paving the way for the licensing process to begin.

"For your information, Ma'am, 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.

Dr Forson explained that the next phase involves satisfying the Bank of Ghana's regulatory requirements, including the appointment of a governing board and management team.

He disclosed that he would soon engage the Vice President on nominations for the leadership of the bank to enable the licensing process to proceed smoothly.

"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 expressed confidence that the remaining regulatory processes would be completed on schedule, allowing the bank to commence operations before the close of 2026.

Dr Forson also used the occasion to commend staff of the Ministry of Finance for their commitment to supporting the government's economic recovery agenda.

In a light-hearted moment, he joked that the Vice President's visit had inspired ministry staff to make sacrifices for national development.

"Our staff will agree not to take salary this month as their contribution," he quipped, before clarifying that the remark was made in jest.

He said the ministry remained committed to implementing policies that would improve living standards and create sustainable employment opportunities for Ghanaians.

"We do our bit to make sure that the economy we inherited becomes better—not just in the numbers, but in the way our people live. We want to see a country where jobs will be created, particularly for the youth, and where salaries are decent enough to support a decent standard of living," he added.

The proposed Women's Bank is expected to expand access to finance for women-owned businesses and entrepreneurs as part of the government's broader financial inclusion agenda.