One of the most important requirements is that women-led businesses realize their potential by achieving the goals of being a key pillar of national financial change: encouraging engagement, financial literacy, strategic preparing, access to funding, and adopting standardization for global opportunities.
This was the main takeaway from the B&FT’s inaugural Women in Business (WIB) dialogue series, which brought together prominent figures to discuss challenges and opportunities for women entrepreneurs. The topic was “Investing in women-owned businesses for Ghana’s transformation agenda: a call for action.”
The panelists universally agreed that collaboration is essential to success. 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 platform 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 economic education and good business methods. She argued that to be an entrepreneur, one must distinguish between one’s personal and business income.
“Create a culture of report-keeping, even if it is not already formalized. 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 tap into official institutions and global options such as the African Continental Free Trade Area (AfCFTA).
She noted that there are underserved women in the formal market, but she added that “women must accept standardization and take advantage of activities like AfCFTA to expand our reach. Women-owned businesses can gain entry to new businesses thanks to the AfCFTA, but they must also make sure their goods meet trade standards.
The crucial problem of funding access for women-led businesses was addressed by Kwaku Arthur-Annobil, Stanbic Bank’s strategy lead and business manager, and Allen Quaye, FBNBank’s head of retail banking. Allen Quaye discussed the potential contribution of technology to bridge this gap.
“Financial companies providers are required to find creative ways to reach companies that are outside their normal range. Technology is bridging 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.
While venture funds may be an option, it frequently necessitates a more organized company and is more likely to favor the formal sector, he noted.
The FBNBank Head of Retail Banking added that a strong brand identity is crucial for women-owned companies.
“Branding is important, but confirming 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 partnership and making sure that women have a voice in shaping the enterprising landscape.
“We require shared assets to encourage female engagement. But most importantly, 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 preparing and focus.
“Effective 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.