Thu, 21 Mar 2024 Business & Finance

Bridging the Gap: Banks urged to offer special financial packages for women in business

By Beyonce Diamond Kpogli II Contributor
Bridging the Gap: Banks urged to offer special financial packages for women in business

Financial institutions nationwide are being urged to take proactive steps in addressing gender inequality by introducing special financial packages tailored to support women-owned businesses.

Despite Ghana's strides in narrowing the gender gap, particularly in finance and investment, significant disparities persist, impeding women's ability to navigate gendered power dynamics and access essential financial resources effectively.

During a workshop themed "Unlocking Gender Lens Investing in Ghana: Catalyzing Economic Prosperity Through Transformative Change," organized by WUSC and Impact Investing Ghana, stakeholders emphasized the urgent need for investment in organizations with profound gender expertise. The aim is to bridge the gap between gender considerations and financial decision-making processes, fostering economic empowerment for women and driving inclusive growth for the benefit of all Ghanaians.

Clara Anim, Manager of the IGNITE Project at WUSC, stressed the importance of understanding and supporting women in business.

Amma Sefa-Dedeh Lartey, CEO of Impact Investing Ghana, underscored the imperative of providing women with equal opportunities and access to financial inclusion to spur national development. "By leveling the playing field, women can harness their entrepreneurial potential to create jobs, particularly for the youth, and contribute to overall economic growth."

The current lending criteria employed by banks often prioritize collateral assets, placing women entrepreneurs at a disadvantage due to limited access to such resources. To address this barrier, Amma Sefa-Dedeh Lartey urged financial institutions to devise new financial products specifically designed to support women-owned businesses, facilitating their growth and sustainability.

In closing, women were encouraged to leverage opportunities offered by organizations like WUSC and Impact Investing Ghana, while harnessing the power of social media to promote their businesses and drive sales. By seizing these opportunities and embracing digital platforms, women entrepreneurs can enhance their visibility and expand their market reach, paving the way for greater economic empowerment and prosperity.

The workshop brought together key players from the financial sector, women's rights organizations, and fund managers to brainstorm innovative strategies for developing products and services that meet the unique needs of women entrepreneurs, thus promoting empowerment and gender equality.

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Started: 02-07-2024 | Ends: 31-10-2024