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

The Ghana Enterprises Agency (GEA) hosted its 5th Ghana Women Entrepreneurship Summit to explore ways to enhance access to finance and bolster women-led businesses. The event, themed "Empowering Women to Drive Trade, Innovation and Industrial Growth," brought together women entrepreneurs, policymakers, and development partners.

Vice President Professor Jane Naana Opoku-Agyemang announced that the government has applied for a banking license to establish the Women’s Development Bank. The proposed bank aims to provide tailored financial services to women entrepreneurs, addressing their challenges in accessing affordable credit. While the bank won't solve all issues, it will help overcome a major obstacle - access to suitable financing.

Professor Opoku-Agyemang revealed that the committee tasked with developing the initiative has finalized its work, and an application for the banking license has been submitted to the Bank of Ghana for regulatory approval.

Chief Executive of the GEA, Margaret Ansei, urged organizations, including public institutions, to prioritize timely payments to suppliers. Delays in payments can disrupt a business's cash flow, making it hard for entrepreneurs to manage expenses and fulfill orders. Ansei called for equal opportunities in procurement for women-led businesses and emphasized paying suppliers promptly after contract completion.