The Development Bank Ghana (DBG) has made a strong commitment to empowering women entrepreneurs in the country. During the Investment Climate Reform (ICR) Facility – Development Bank Ghana Stakeholder Workshop, DBG’s deputy Chief Executive, Michael Mensah-Baah, announced plans to provide support to 500 women-led businesses through a GH₵1 billion fund. This fund, in collaboration with other financial institutions, aims to assist Micro Small Scale Enterprises (MSMEs) over the next three to five years.
Mensah-Baah highlighted the existing challenge of limited financial support for women from traditional financial institutions. Despite women owning 50 percent of businesses in Ghana, only 10 percent of these businesses are able to access funding. The workshop served as a platform to identify and overcome barriers hindering women entrepreneurs from accessing financial resources.
DBG not only plans to offer financial support but also intends to provide capacity-building and technical assistance to empower women-led businesses. This additional training is expected to facilitate growth and transformation of micro-enterprises into larger corporate entities within Ghana.
Emina Abrahamsdotter from the GFA Consulting Group stressed the importance of collaboration among stakeholders to improve women’s access to finance. Additionally, DBG and 15 other financial institutions will undergo training on gender equality, gender mainstreaming, and women’s financial empowerment.
Charity Ahadzie, the Team Lead of Women Banking at Access Bank Ghana, discussed the challenges faced by women entrepreneurs, including limited access to networking opportunities, information, and finance. She emphasized the significance of educating and training women entrepreneurs to empower them in growing their businesses.
Madam Ahadzie also mentioned the capacity-building events organized by Access Bank Ghana to ensure that women entrepreneurs can apply the knowledge gained to enhance their businesses and facilitate repayment of loans. This holistic approach by DBG and its partners aims to uplift women-led businesses and bridge the gap in access to financial resources.
