Stakeholders from Ghana's business and financial sectors are calling for focused support to help women-led businesses grow. These calls aim to tackle major problems such as limited access to money and many businesses operating outside official systems. The chief executive of the Business and Financial Times, Godwin Acquaye, highlighted an estimated GHS 61 billion (equivalent to $5 billion) financing gap for Small and Medium-sized Enterprises (SMEs).
This urgent appeal emerged from the Women in Business Dialogue Series in Kumasi on Tuesday, April 28, 2026. The Business and Financial Times partnered with Ecobank Ghana to host the event. The discussions focused on how women continue to face difficulties like not having collateral for loans and lacking good financial records. These issues prevent their businesses from expanding.
Addressing the challenges faced by women entrepreneurs is vital for Ghana’s broader economic development. Women make up a significant part of the informal economy. Helping them become more formal and access finance can boost the country's Gross Domestic Product (GDP). Data from the Bank of Ghana has consistently shown that SMEs are crucial for job creation and economic growth. However, their potential is often limited by financing constraints.
Godwin Acquaye stated, “We all know there is a financing gap of about $5 billion for SMEs. Women form a significant part of this space, and it is important that we empower them to scale up.” This statement underscores the need for policies that specifically target women's economic empowerment. Regina Ofori, Head of Marketing and Brand at Ecobank Ghana, emphasized that low financial knowledge and informal business practices are key obstacles. Many women-owned businesses do not register or keep proper records. This prevents them from getting loans and using formal banking services.
The next steps involve turning these discussions into real actions. Policymakers and financial institutions must work together to create accessible financial products. They should also implement effective training programs. These initiatives must focus on improving financial literacy and encouraging business registration. Without sustained efforts, women entrepreneurs will continue to face systemic barriers. This will limit their contributions to Ghana's economy. The markets will watch closely for concrete steps to address these issues, as empowering women in business can unlock significant economic potential.
Participants at the dialogue also suggested practical solutions. These include tax breaks for women-owned businesses and quicker access to funds. They also called for stronger financial education programs. The Ashanti Regional Minister, Frank Amoakohene, speaking through a representative, described the dialogue as critical. He noted its importance for advancing women’s economic empowerment and promoting inclusive growth. Improving access to credit, strengthening business skills, and expanding market links are key objectives. There is cautious hope about the dialogue's impact. However, participants warned that without continued action, women would still face system-wide limits.