The Standard Bank Group is poised to launch a ground breaking initiative aimed at empowering Ghana’s women entrepreneurs, in a move that could significantly reshape the domestic business landscape.
This announcement comes as the country is set on a path of economic recovery while consolidating its position as one of the most viable markets within the region.
Funeka Montjane, Chief Executive responsible for Personal and Private Banking-Standard Bank Group – which Stanbic Bank is a part of, revealed these plans during a recent visit to Accra.
“Ghana is one of our five growth countries across the continent,” Montjane stated, placing it alongside economic powerhouses Nigeria, Kenya and Uganda in the bank’s strategic focus.
The centerpiece of Standard Bank’s strategy is introducing ‘women-only spaces’, a concept already successfully implemented in three other African countries.
These spaces go beyond traditional banking services, offering networking opportunities and tailored support for women in business.
“We ultimately want to launch throughout all our countries, and definitely Ghana; we hope to cover it either this year or next year,” Mrs. Montjane explained.
This initiative comes at a crucial time, as recent studies show that women-owned businesses constitute approximately 44 percent of the country’s Micro, Small and Medium-sized Enterprises (MSMEs), despite facing significant barriers in accessing finance and business networks.
Standard Bank’s approach is not a one-size-fits-all solution, Mrs. Montjane explained while stressing the importance of understanding local needs.
“We are in the listening phase, because you can’t just take something that works elsewhere and take it to another country.” This careful approach aligns with Ghana’s unique business environment, where small enterprises represent about 92 percent of businesses – largely within the private sector – and contribute approximately 70 percent to the nation’s Gross Domestic Product (GDP).
The bank’s commitment to Ghana is part of a larger strategy for supporting sustainable growth across the continent.
“Our expectations for the team are to not only continue growing their businesses but growing them in a way that creates value and grows the country as well,” added the bank’s Chief Executive-Personal and Private Banking.
Inspiration for this initiative comes from the success of local brands that have gone global. She specifically mentioned IGK and Christie Brown, two Ghanaian brands that have successfully expanded internationally.
These success stories, she said, underscore the potential of Ghanaian businesses on the global stage.
The announcement has been met with enthusiasm from local business leaders.
Maame Nyarko, a budding eco-enterprenuer said: “This initiative could be a game-changer for women in business. Access to tailored financial services and networking opportunities is exactly what we need to take our businesses to the next level.”
Mrs. Montjane concluded her visit with an optimistic message for Ghanaian businesses: “The future is bright, I think that this country is very special. Amazing people, amazing resources, highly creative; and therefore I think that we just need to dream bigger.”
