Women-led businesses in the country interested in exporting under the Africa Continental Free Trade Area (AfCFTA) will be given bank loans at a subsidiSed interest rate of 10 percent, Ashanti Regional Director, Ministry of Trade and Industry, Mamuda Osman, has said
According to him, this is part of governments effort to support women in business so they can export to the continental market, since the role of women in nation building must not be underestimated.
Delivering a keynote address at the Ghana National Chamber of Commerce/GIZ Trade Hub conference for GNCCI Women in Kumasi, Mr. Mamuda added that there are certain protocols reserved for women which the next Africa Union (AU) meeting will ensure are adopted.
“The AfCFTA agreement recognises the important role that women-led business play, and the challenges most of these women face in their day-to-day activities. Therefore, a special protocol has been created for Women and Youth-led businesses that has been negotiated to facilitate trade for women and youth. It will be adopted in the next AU meeting for operationalisation,” he said.
Additionally, he assured participants of continuous government support as 200 companies – women-led inclusive – nationwide have been handpicked by government to give them hands-on support under the agreement.
Mr. Mamuda is of the belief that in this era of strong competition, coupled with elements of globalisation and liberalisation, enterprises must strive to achieve excellence and develop core competences and confidence to compete more effectively in both the continental and global marketplace.
He further underscored the importance of increasing numbers of women entrepreneurs who are open to trying almost infinite business possibilities.
“Their role is vital, because advances in economic development require business activities exhibiting both dynamism and stability – which are characteristic of successful women entrepreneurs in Ghana. Above all, it is important to recognise that the success of one female-owned business has a positive bearing to the success of many other lives.
“It is therefore worth the call for a deliberate effort to include women in making AfCFTA work. This, I believe, will have a strong positive impact on our country’s socio-economic development. This is because successful women-led businesses can help reduce female dropouts in school and women’s over-reliance on men for daily survival,” he emphasised.
Meanwhile, first Vice President, Ghana National Chamber of Commerce and Industries (GNCCI), Victoria Hajar, in delivering a speech noted that for full benefits of increased intra-African trade under the AfCFTA to be realised, it is imperative to prioritise inclusivity and sustainable socio-economic development.
She acknowledged some persistent challenges that women face in business – including restricted access to education, production resources and trade information, and discrimination. She was however quick to add that the AfCFTA holds immense potential to harness the strength of women.
In view of this, GNCCI and GIZ Trade Hub has for the past two years offered some timely initiatives: including sensitisation programmes, workshops and seminars for women-led businesses – presenting a unique opportunity to redirect focus toward crucial interventions for women’s empowerment.
In alignment with the AfCFTA Protocol on Women and Youth in Trade, the Chamber dedicated year 2023 to provide an opportunity to apply a gender lens, underscoring the importance of gender-inclusive trade policies in addressing women’s challenges and emphasising gender mainstreaming in the AfCFTA’s national and regional implementation strategies.
