Development Bank Ghana pledges support for women-led businesses with GH₵1 billion fund

The Development Bank Ghana (DBG) has reiterated its dedication to fostering the growth of women entrepreneurs in the nation.

During the Investment Climate Reform (ICR) Facility – Development Bank Ghana Stakeholder Workshop, the Deputy Chief Executive, Michael Mensah-Baah, unveiled DBG's ambitious plan to empower 500 women-led businesses through a GH₵1 billion fund.

The fund, in collaboration with partners, aims

Read full articleto support Micro Small Scale Enterprises (MSMEs) and address the existing challenge of limited financial access for women.

Mensah-Baah explained DBG's strategic approach, emphasising collaboration with like-minded financial institutions and stakeholders over the next three to five years. As a wholesale lending institution, DBG intends to work with partners who share their vision of supporting women-led businesses.

Recognising the stark contrast in financial support for women, Mensah-Baah acknowledged that although 50 percent of businesses in Ghana are owned by women, only 10 percent of them can access funding. The workshop served as a platform to identify and overcome barriers preventing women entrepreneurs from accessing financial resources.

In addition to providing financial support, DBG pledged to offer capacity-building and technical assistance, aiming to empower women-led businesses. The envisioned technical training is expected to facilitate growth, transforming micro-enterprises into larger corporate entities in Ghana.

Emina Abrahamsdotter of the GFA Consulting Group emphasised the importance of collaboration among stakeholders to enhance women's access to finance. She announced plans to train staff from DBG and 15 other financial institutions on gender equality, gender mainstreaming, and women's financial empowerment.

Charity Ahadzie, the Team Lead of Women Banking at Access Bank Ghana, highlighted the challenges faced by women entrepreneurs, including limited access to networking opportunities, information, and finance.

Stressing the significance of education and training as forms of empowerment, Ahadzie affirmed her commitment to capacity-building events to ensure that women can apply their learning to foster business growth and repayment capabilities.