Pursuant to this resolution, the ECA African Centre for Women (ACW) organized an ad hoc expert group meeting in Kampala, Uganda, in 1994 to devise a financial institution which would cater for specific financial needs of African women at all levels, define the most appropriate mode of operation, and recommend measures which would ensure its viability and sustainability as well as mobilization of financial resources.
The meeting, which was chaired by Nana Oye Mansa Yeboaa, the then first Deputy Governor of the Bank of Ghana, recommended among others, the establishment of a privately owned regional financial (apex) institution to be known as "Afrika Women Bank (AWB)" with affiliates at national level and with women holding the highest percentage of shares. It was further recommended that a soft loan window of AWB to be known as Ghana Women Fund should also be established at the regional level with national affiliates.
The current Board of Directors made up of representatives of individual shareholders, women’s groups, and the Government of Ghana. The Directors have been actively engaged in setting guidelines for operating and managing Ghana Women Fund effectively to make credit more accessible to Ghanaian women entrepreneurs.