According to the Global Entrepreneurship Monitor, women represent approximately 46% of the entrepreneurial workforce in Ghana. This statistic highlights significant progress women have made across various sectors, including agriculture, healthcare, technology, and education.
Contributions of Women Across Sectors
In agriculture, women are not only involved in crop production and animal rearing but also introduce innovative practices and advocate for empowerment through training programs. Similarly, in the health and IT sectors, women continuously break barriers with creativity and innovation that drive economic growth.
Challenges Faced by Women Entrepreneurs
Despite their substantial presence in the workforce, women-led businesses often remain smaller, limited, and underfunded. Securing loans poses a significant challenge, particularly for those in the informal sector—such as market women, petty traders, and farmers—due to high-interest rates, stringent collateral requirements, and inadequate financial products. This has led to the collapse of many women-owned SMEs, exacerbated by the closure of some microfinance institutions that provided critical support.
The Proposed Women’s Bank
In response to these challenges, President John Mahama proposed the establishment of a Women’s Bank across Ghana to provide affordable loans with flexible repayment options.
Key Benefits of the Women’s Bank Initiative
Improved Access to Capital
The bank will offer low-interest loans with reduced collateral requirements, primarily benefiting one million women entrepreneurs in agriculture, trade, manufacturing, and technology.
Financial Literacy and Business Training
Beyond financial services, the bank will provide workshops on financial literacy, entrepreneurship, and investment strategies, empowering women to manage their finances and grow their businesses sustainably.
Mentorship and Networking Opportunities
The bank will connect aspiring women entrepreneurs with successful female leaders, fostering a supportive community that encourages collaboration and mentorship across sectors.
Promotion of Gender Equality
By prioritizing women’s needs in its policies, the bank will challenge societal norms and promote gender equality in the financial sector, stimulating economic growth by harnessing the potential of half the population.
Digital Inclusion for Rural Women
The bank will offer digital banking solutions to ensure that rural women have easy access to financial transactions and funding, bridging the gap created by limited access to traditional banking services.
Economic Empowerment and Poverty Reduction
By providing women with access to capital and resources, the bank will enable them to start and grow their businesses, create jobs, and contribute to Ghana’s economic development, leading to increased participation in social and political life.
The Women’s Development Bank is envisioned as a transformative institution that not only delivers financial resources but also fosters a supportive ecosystem for women entrepreneurs. By driving sustainable development and social change, this initiative aims to empower women and enhance their contributions to Ghana’s economy.