GEA Summit focuses on financing and growth opportunities for women-led businesses

The Ghana Enterprises Agency (GEA) has brought together women entrepreneurs, policymakers and development partners at its 5th Ghana Women Entrepreneurship Summit to explore strategies for improving access to finance, strengthening women-led businesses and expanding their contribution to trade and industrial growth.

Held under the theme, “Empowering Women to Drive Trade, Innovation and Industrial Growth,” the summit provided a platform for stakeholders to discuss practical measures to address the financial and operational challenges confronting women-owned businesses.

At the event, Vice President, Professor Jane Naana Opoku-Agyemang disclosed that government has applied to the Bank of Ghana for a banking licence to pave the way for the establishment of the Women’s Development Bank.

She said the proposed bank is intended to provide financial services tailored to the specific circumstances and needs of women entrepreneurs, particularly those who continue to face difficulties accessing affordable credit.

According to her, although the bank may not address every challenge confronting women in business, it will help tackle one of their most persistent difficulties, access to appropriate financing.

“Its purpose is not merely to extend credit, but also to provide financial services that respond to the circumstances in which so many of our women conduct their businesses,” she said.

Professor Opoku-Agyemang disclosed that the committee established to work on the initiative had completed its assignment, with an application for a banking licence submitted to the Bank of Ghana through the Ministry of Finance for regulatory approval.

Meanwhile, Chief Executive of the Ghana Enterprises Agency, Margaret Ansei, has called on organisations, including public institutions, to prioritise timely payments to small businesses supplying their goods and services.

She said delayed payments often undermine the cash flow of businesses, making it difficult for entrepreneurs to meet operational expenses and fulfil subsequent orders.

She urged corporate institutions and public-sector organisations to give women-led businesses fair opportunities in procurement and ensure suppliers are paid promptly after delivering their contracts.

“When a small supplier delivers on time, let us pay her on time,” she appealed.

Ms Ansei noted that a business could have several confirmed orders but still struggle to meet its payroll obligations while waiting for outstanding invoices to be settled.

She therefore encouraged businesses to actively market their products and services to potential buyers while urging procurement entities to support local enterprises through fair contracting and timely payments.

Also addressing the summit, Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, called for greater support to help women-owned businesses improve value addition, formalise their operations and compete in international markets.

She said value addition would enable businesses to earn better returns, create jobs and expand their market reach, particularly under the African Continental Free Trade Area (AfCFTA).

“Value addition enables businesses to earn better margins, create jobs, and compete more effectively,” she stated.

The Minister stressed that Ghanaian products must meet the necessary quality and packaging standards to take advantage of opportunities across the African market.

She also called for business formalisation processes to be simplified and made accessible, warning against regulatory requirements that could create additional difficulties for entrepreneurs.

“Formalisation should ease access to finance, contracts, and markets rather than impose additional burden,” she emphasised.

Mrs Ofosu-Adjare further urged stakeholders to ensure that the needs of all women are considered in enterprise development programmes, including young women, market traders, informal workers and women with disabilities.

The 5th Ghana Women Entrepreneurship Summit provided a platform for government, private-sector players and development partners to discuss practical measures to improve access to finance, strengthen women-led enterprises and create an enabling business environment.