Women entrepreneurs in Ghana 8% less likely to gain access to capital than men - BoG

Mrs Elsie Addo Awadzi12121.jpeg Elsie Addo Awadzi is the Second Deputy Governor of Bank of Ghana

Thu, 16 Sep 2021 Source: www.ghanaweb.com

• Women entrepreneurs in Ghana are 8% less likely to gain access to capital than men

• This is according to data available from the World Bank’s 2017 Global Findex Survey

• Ghana’s private sector is largley dominated by women entrepreneurs

Second Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi, has revealed women entrepreneurs in Ghana are 8 percent less likely to gain access to capital from financial institutions as compared to their male counterparts.

According to her, data from the World Bank’s 2017 Global Findex Survey also showed that entrepreneurial businesses owned by women tend to remain smaller and less profitable than those owned by men.

Delivering the keynote address at a graduation ceremony for the Women in Technology (WIT) Business Incubator programme organised by Standard Chartered Ghana, Mrs Addo Awadzi said it is essential to prioritize requisite access to business support services for women entrepreneurs particularly in the technology business space.

“The participation of female entrepreneurs in Ghana’s fast-growing technology sector remains marginal although there is great potential for women to play a key role in this space,” she pointed.

“The launch of the WIT business incubator programme, particularly in the midst of the COVID-19 pandemic with its attendant job losses and business failures, was a bold step towards helping to solve multiple policy challenges including women’s access to finance, job creation especially for youth, making businesses more resilient through the use of technology, and ultimately promoting a resilient bounce back of the Ghanaian economy post pandemic,” she added.

The Second Deputy BoG Governor however urged the 14 beneficiaries drawn from five selected regions of the country under the WIT programme, to use their entrepreneurial skills and knowledge gained to build sustainable and competitive businesses.

“This programme has no doubt been a major confidence booster for the young female entrepreneurs behind these 14 businesses that graduate today. The programme has provided them with world-class business and entrepreneurial skills and exposure, which will go a long to help them build competitive and sustainable businesses that will stand the test of time.”

“The programme has also better prepared them to present their businesses to banks, private equity firms, and other investors to obtain financing for the next stage of growth,” she concluded.

Source: www.ghanaweb.com
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