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

The Ghana Enterprises Agency (GEA) convened women entrepreneurs, policymakers, and development partners at the 5th Ghana Women Entrepreneurship Summit to discuss strategies for enhancing access to finance, bolstering women-led businesses, and boosting their role in trade and industrial expansion. The summit, themed "Empowering Women to Drive Trade, Innovation and Industrial Growth," aimed to facilitate conversations on practical solutions to the financial and operational hurdles faced by women-owned businesses.

During the event, Vice President Professor Jane Naana Opoku-Agyemang revealed that the government has applied to the Bank of Ghana for a banking license to establish the Women’s Development Bank. This institution would offer financial services specifically designed for women entrepreneurs, who often encounter obstacles in obtaining affordable credit.

While the bank is not expected to resolve all women's business challenges, it will specifically target the issue of accessible financing. Professor Opoku-Agyemang explained that the committee tasked with the initiative had finalized its work, submitting an application for a banking license to the Bank of Ghana for regulatory approval.

Additionally, Margaret Ansei, CEO of the GEA, urged organizations to prioritize timely payments to small businesses supplying their goods and services. She emphasized that delayed payments can significantly disrupt businesses' cash flow, making it challenging for entrepreneurs to cover operational costs and fulfill subsequent orders.

Ansei called on corporate institutions and public-sector organizations to provide equitable procurement opportunities for women-led businesses and ensure prompt payment after fulfilling contracts. She stressed, "When a small supplier delivers on time, let us pay her on time."