Some of the most important requirements are those for encouraging engagement, financial literacy, access to funding, and standardization for global opportunities, as well as standardization, if women-led businesses want to realize their potential and fulfill the promise of being a key pillar of national economic transformation.
The B&FT’s inaugural Women in Business ( WIB ) dialogue series, which brought together prominent figures to discuss challenges and opportunities for women entrepreneurs, was a key takeaway from the call for action and “investment in women-owned businesses for Ghana’s transformation agenda: a call for action.”
The panelists came to the conclusion that successful collaboration is essential. They advised that communication is still important because they encouraged women in business to establish relationships with other entrepreneurs, exchange ideas, and gain from one another.
They, however, noted that people must be at the vanguard of discussing and designing alternatives for their unique problems.
They backed up their conviction that Ghanaian female entrepreneurs are well-positioned to contribute significantly to the local market, and that the WIB collection provides them with a significant system to learn about, connect with, and access resources to accomplish their entrepreneurial goals.
Nana Esi Idun- Artkhurst, Divisional Director – Retail & Business Banking, Fidelity Bank, stressed the significance of fiscal education and good business methods. She argued that keeping personal and business finances separate is necessary for buyer preparation.
“Create a culture of report- keeping, even if it is not already formalised. This builds trust for possible investors,” she urged, saying that this obstacle has been the scourge of some women- led businesses.
On a related topic, Gloria Cabutey- Adodadji, Sector Head, SME and Retail Banking, Zenith Bank, underscored the need for people to faucet into official institutions and global options such as the African Continental Free Trade Area (AfCFTA).
She noted that there aren’t enough women in the formal sector, but she added that women should embrace standardization and use programs like AfCFTA to expand their audience. Although AfCFTA can open doors for women-owned businesses to expand into new markets, they must make sure their goods meet import requirements.
The crucial issue of funding entry for women-led businesses was addressed by Kwaku Arthur- Annobil, Stanbic Bank’s Strategy Lead & Business Manager, and Allen Quaye, FBNBank’s Head of Retail Banking, Allen Quaye, and the potential contribution that technology may make to bridge this gap.
“Financial service companies must discover creative ways to reach companies that are not typically within their price range. Technology is bridge the gap between bankers and ladies- led businesses, particularly those in the informal field,” Mr. Arthur- Annobil remarked.
Mr. Quaye echoed this sentiment, revealing other funding options like stare- to- friend lending and government initiatives, specifically designed to support women entrepreneurs.
Venture capital is a viable option, but it frequently necessitates a more organized firm and tends to favor the formal sector, he said.
The FBNBank Head of Retail Banking further emphasized the value of a strong product identification for women-owned companies.
“Branding is important, but confirm your shipping is even better. Building a loyal customer base relies on consistently exceeding objectives,” he explained.
He also suggested incorporating a corporate social responsibility (CSR) initiative to increase brand visibility and social impact.
The CEO of Crescendo Foods, Dr. Wanida Lewis, stressed the value of cooperation and that women should have a voice in shaping the innovative landscape.
“We require shared assets to encourage female engagement. But most important, we need people at the forefront, leading the discussion and advocating for themselves and people,” Dr. Lewis said.
Dr. Emmanuel Osei Asiamah, Executive Chairman of Standard Pension, offered insight into successful business management, highlighting the importance of proper organizing and focus.
“Powerful companies, regardless of gender, draw a clear series between business and social activities. Do not compromise core business days for extra commitments,” Dr. Osei Asiamah advised entrepreneurs.