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28.03.2006 Business & Finance

Women in business advised to create wealth

By GNA

Tema, March 29, GNA - Women in small scale businesses were on Tuesday advised to set aside small amounts of monies to enable them create wealth to expand their businesses. Mrs Gladys Ghartey, acting head of Micro Finance Unit of the Ministry of Finance (MOF) gave the advice at a day's seminar for women in small scale businesses at Tema, organized by Women's Assistance and Business Association (WABA) an NGO and funded by Business Sector Advocacy (BUSAC).

She said even though it was difficult to get access to loans to enable such women expand their businesses, they could improve upon their situation by saving as low as five thousand cedis a day instead of using such monies for unproductive material gains.

Mrs Ghartey said the MOF was concerned about the situation of these women, because their expansion would lead to wealth creation, which could contribute positively in reducing the rate of poverty in the country.

She further encouraged the women to create a system in their business, where they would be on a pay role in order not to misuse their capital, as most business women, especially market women tend to buy a lot, when in the market.

Madam Gloria Ofori-Boadu, President of WABA in a welcome address said, the seminar was organized to educate the women on the importance of registering their businesses, paying their taxes and managing their profits.

She said a survey conducted by WABA to identify the key constraints limiting women entrepreneurs in the informal sector from accessing formal sector assistance showed that most of them mistrust the formal sector, as their sources of information were from their family members and friends.

Madam Ofori-Boadu promised that WABA in collaboration with the Private Sector and Micro Finance would continue to organize such educative programmes, as well as availing funds for loans for the expansion of businesses of its members. She however, called on metropolitan and district assemblies to relocate women selling by the roadsides to favourable environments with respect to their human rights.

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