Accra, Ghana//-The Development Bank Ghana (DBG) has emphasised its commitment to supporting the growth and development of women entrepreneurs in the country.
The bank’s deputy Chief Executive, Michael Mensah-Baah, at the Investment Climate Reform (ICR) Facility – Development Bank Ghana Stakeholder Workshop revealed DBG’s plan to make 500 women-led businesses become beneficiaries of the GH₵1 billion fund expected to be deployed to support Small Scale Enterprises (SMEs).
According to him, DBG has collaborated with relevant stakeholders and like-minded financial institutions to make this ambition materialise in the next three to five years.
“DBG is a wholesale lending institution, that is, we lend to other financial institutions so we need to have partners who are like-minded like us, who will work with us, and who share this same ambition of being able to support women-led businesses,” he said on Wednesday.
The move comes as a response to a glaring issue of few women accessing financial support from financial institutions.
Interacting with the media at the event, Mr Mensah-Baah acknowledged the current disparity in access to finance, indicating that although 50 per cent of businesses in Ghana are owned by women, only 10 per cent of these businesses can access funding.
He noted that the workshop, therefore, was to serve as a platform to identify and address the barriers preventing women entrepreneurs from tapping into available financial resources.
“The issue we have discovered is that women who are available to receive this funding still struggle to get funding and we needed to have this workshop to understand some of the barriers that prevent them from accessing the funding.
“This is because even though the funding is available and the women are unable to access it, we won’t achieve our ambition of providing long-term capital for these women,” he stated.
According to him, the bank will not only provide financial support but will also offer capacity-building and technical assistance to empower women-led businesses.
He believed this technical training would support women-led businesses, facilitate their growth, and transform their businesses from micro-enterprises into large corporate entities in Ghana.
Emina Abrahamsdotter of the GFA Consulting Group, on her part, encouraged collaboration between stakeholders to improve women’s access to finance in the country.
She also noted that the staff of DBG and 15 other financial institutions will be trained on gender equality, gender mainstreaming and women’s financial empowerment.
Taking her turn, the Team Lead of Women Banking of Access Bank Ghana, Charity Ahadzie highlighted the numerous challenges faced by women entrepreneurs including lack of access to networking opportunities, information and finance.
She therefore noted that educating and training these women is a crucial form of empowerment to assist them grow their various businesses.
Madam Ahadzie therefore noted that her outfit which is a PFI partner of DBG readily undertakes capacity-building events to ensure that “whatever they are learning they will be able to plow it back into their businesses that way when you lend to them their businesses will grow and they will be able to repay.”
