Collateral conditions preventing many women from contracting loans

Sunyani, Aug 01, GNA- Mrs Lucia Quachey, national president of Ghana Association of Women Entrepreneurs, has said stringent collateral conditions demanded by financial institutions have prevented many women entrepreneurs from contracting loans to expand their businesses. She said the association was negotiating with some of banks to allow entrepreneurs to use their businesses as collaterals for loan. Mrs Quachey, who was speaking at the election of a seven-member executive of the Brong-Ahafo Regional branch of the association in Sunyani, advised women entrepreneurs to unite to expand their businesses instead of engaging in unnecessary competition.

She urged the regional executives to educate women entrepreneurs on role in national development.

Mrs Adelaide Mainoo, Proprietress of Diamond Queen Restaurant in Sunyani, was elected president, Nana Aboaa Boahen, Gyantuahemaa of Sunyani Traditional Council as Vice-President, Ms Dorcas Nana Owusuaah of the Regional Office of the National Commission on Women and Development (NCWD), Secretary, Mrs Amma Amponsah, a businesswoman, organizer, Madam Comfort Addai Serwaah a contractor, treasurer, Nana Afua Konadu, Queenmother of New Dormaa, advisor and Madam Cynthia Mensah as member.

Mrs. Quachey said the main mission of the association was to facilitate the development of dynamic women entrepreneurs by strengthening their entrepreneurial and ICT capacity for entrepreneurial commerce.

The association would provide training, market information dissemination through the use of ICT, trade fairs, economic networking, credit, technology transfer, promotion of non-traditional exports and support government policies that focus on the growth of small and medium scale entrepreneurs.

Mrs Quachey said the association was undertaking a project with the Business Sector Advocacy Challenge Fund as an advocacy action to help remove bottlenecks that women entrepreneurs faced in accessing credits from the banks.