Govt supports women entrepreneurs with GH¢3m sets aside GH¢50m to support women next year

The Ministry of Business Development yesterday presented GH¢3million to some women entrepreneurs in Accra,

The initiative, dubbed ‘Young Women Entrepreneurship Initiative’, is aimed at helping to build the capacity of young women entrepreneurs and transition them from necessity-entrepreneurs to opportunity-driven entrepreneurs.

In partnership with the Samira Empowerment and Humanitarian Projects and National Entrepreneurship and Innovation Plan (NEIP), the loan is to support these women entrepreneurs to scale-up their businesses, increase production and create employment.

In all, a total of 63 out of the 69 women selected from across the various sectors of entrepreneurship including Trade and Commerce, Fashion & Beauty, ICT, Services, and Agribusiness benefitted from business capacity-building, training and coaching.

Held under the theme ‘Women’s Economic Empowerment – Key to National Development’, the initiative is also aimed at giving a boost to government’s quest to ensure production inclusion, as well as its policy to use entrepreneurship as one of the major tools to resolve the unemployment situation by creating an enabling environment for entrepreneurship.

In his address, the Minister for Business Development, Dr. Ibrahim Mohammed Awal, noted that his ministry is committed to creating a sustainable and most business-friendly and business-enabling environment that fosters private sector-led investments for job-creation and livelihoods.

“We also seek to promote the entrepreneurial capacity of the youth and disabled, as well as nurture, build and promote indigenous Ghanaian businesses,” he added.

In her keynote address, the vice president’s wife Samira Bawumia noted that Africa has the highest percentage of female entrepreneurs; however, there is a low market share for women entrepreneurs.

Madam Samira Bawumia said there is a need to create an enabling environment for female entrepreneurs to eliminate barriers and reduce the high-level of bureaucracy that prevents them from thriving in their businesses.

She revealed that: “46.4% of businesses are owned by women; however, 80% of women are stuck at the very lower levels. Studies show that investing in women has a multiplier effect. This is why there is need to create an enabling environment to economically support women entrepreneurs. Studies show that women are less likely to default their loans than men”.

The Second Lady advised the women to take advantage of the grant given them from the Business Development Ministry and build a stronger capacity that can contribute to eliminating unemployment in the country.

In all, the ICT sector received GH¢45,000, the Services sector received GH¢65,000; Fashion and Beauty received GH¢70,000; Agribusiness received GH¢77,000; and Trade and Commerce industry received GH¢276,000.

The ministry is expected to replicate this initiative in Kumasi and Tamale.