By Ramat Ebella WHAJAH
The role of women entrepreneurs in Ghana’s economy cannot be overstated. Women-owned businesses contribute significantly to job creation, poverty alleviation, and economic growth. However, despite their economic importance, women entrepreneurs continue to face systemic barriers that hinder their business success. Access to credit, discriminatory legal frameworks, and a lack of policy support have contributed to the persistent gender gap in entrepreneurship.
To bridge this gap, Ghana must implement targeted government reforms that foster a more inclusive and equitable business environment. This article examines the challenges women entrepreneurs face and outlines strategic policy reforms that can unlock prosperity for women-led enterprises. These reforms will not only accelerate gender equality but also contribute to the country’s overall economic development.
The challenges women entrepreneurs face
Women-led enterprises in Ghana confront several obstacles that limit their growth and profitability. Some of these challenges include:
- Limited access to finance – One of the most significant barriers for women entrepreneurs is access to credit. Many financial institutions require collateral, such as land or property, which women are less likely to own due to traditional inheritance and property ownership laws. Additionally, venture capital and angel investors are often biased toward male-led businesses, leaving women entrepreneurs with fewer financing opportunities.
- Restrictive legal and regulatory frameworks – Although Ghana has made progress in gender equality, some laws and regulations still disproportionately affect women. Bureaucratic red tape and complex business registration processes create additional barriers for women-led businesses, particularly for those in the informal sector.
- Lack of market access and business networks – Many women entrepreneurs struggle to scale their businesses due to limited access to high-value markets and supply chains. Women are underrepresented in major industries such as manufacturing, technology, and export markets, which are often dominated by male entrepreneurs.
- Cultural and societal barriers – Traditional gender roles and societal expectations continue to discourage women from pursuing entrepreneurship. Women business owners often face skepticism from investors, customers, and even their own families, making it harder for them to establish credibility and access resources.
- Digital and financial literacy gaps – The digital economy offers vast opportunities, but many women entrepreneurs lack the technical skills needed to leverage digital platforms for business growth. Limited financial literacy further exacerbates their challenges in managing business finances and securing investment.
Government reforms to empower women-led enterprises
To address these challenges, Ghana must implement strategic policy reforms that create a more inclusive entrepreneurial landscape for women. Below are key reforms that can help transform policy into prosperity for women entrepreneurs.
Gender-responsive financial policies
The government should work with financial institutions to develop policies that prioritize women entrepreneurs. Key measures include:
- Establishing gender-specific credit guarantee schemes to reduce the risk financial institutions face when lending to women-owned businesses.
- Expanding microfinance programs tailored to women entrepreneurs, particularly those in rural areas.
- Encouraging banks and venture capital firms to allocate a percentage of their funding portfolios to women-led enterprises.
- Reducing interest rates for women-led businesses to make borrowing more affordable.
Strengthening legal and regulatory support
Policymakers should introduce and enforce gender-sensitive business regulations that facilitate women’s economic participation. This includes:
- Simplifying business registration processes for women entrepreneurs, including reducing bureaucratic requirements.
- Amending inheritance and property laws to ensure women can own and use land as collateral for loans.
- Establishing legal protections against gender-based discrimination in business lending and investment decisions.
- Encouraging government procurement policies that allocate a percentage of public contracts to women-led enterprises.
Expanding market access for women entrepreneurs
Women entrepreneurs need access to larger markets and supply chains to grow their businesses. The government can support this by:
- Creating export incentives for women-led businesses, particularly in high-value industries such as agribusiness and manufacturing.
- Developing e-commerce platforms and digital marketplaces that connect women entrepreneurs to local and global customers.
- Establishing business hubs and incubators that provide training, mentorship, and funding for women-led startups.
Promoting digital and financial literacy programmes
Investing in digital and financial literacy programs can help women entrepreneurs leverage technology for business success. The government should:
- Partner with technology firms to provide free or subsidized training in e-commerce, digital marketing, and online payment systems.
- Expand financial literacy programs that teach women how to manage business finances, prepare for investment, and access credit.
- Ensure digital tools and mobile banking services are accessible and tailored to women’s needs.
Addressing cultural and societal barriers
Changing societal attitudes toward women in business requires long-term commitment from both government and civil society. Key strategies include:
- Launching public awareness campaigns that promote women entrepreneurs as key drivers of economic growth.
- Encouraging mentorship programs that connect successful businesswomen with aspiring female entrepreneurs.
- Strengthening women’s advocacy groups that push for gender-inclusive policies in the private sector.
The role of key stakeholders in driving reform
Government and policymakers
- Develop and implement gender-responsive policies that remove barriers to women’s entrepreneurship.
- Provide incentives for private sector investment in women-led businesses.
- Ensure that policy reforms are monitored and evaluated for effectiveness.
Financial institutions
- Create financial products specifically designed for women entrepreneurs.
- Train loan officers on gender sensitivity to reduce bias in lending decisions.
- Collaborate with government agencies to expand funding opportunities for women.
Investors and private sector
- Adopt gender-lens investing strategies that prioritize women-led businesses.
- Establish accelerator programs and mentorship networks for women entrepreneurs.
- Promote workplace policies that support women’s leadership and economic participation.
Entrepreneurs and advocates
- Advocate for policy changes that promote gender equality in business.
- Form coalitions that amplify the voices of women entrepreneurs.
- Support initiatives that enhance women’s access to finance, mentorship, and training.
Conclusion
Women entrepreneurs in Ghana have the potential to drive economic transformation, but they need supportive policies and financial opportunities to thrive. By implementing strategic government reforms, improving access to capital, expanding market opportunities, and promoting digital and financial literacy, Ghana can create an environment where women-led businesses flourish.
Now is the time for policymakers, investors, and business leaders to take concrete action to close the gender gap in entrepreneurship. Through collaboration and commitment, Ghana can move from policy to prosperity, ensuring that all women entrepreneurs have the tools and resources they need to succeed.
Call to action
- For policymakers: Implement and enforce gender-responsive business regulations.
- For financial institutions: Develop inclusive financial products that cater to women entrepreneurs.
- For investors: Allocate more funds to women-led businesses and support them with mentorship.
- For entrepreneurs and advocates: Continue pushing for systemic change and supporting women-led enterprises.
By accelerating action today, Ghana can build a more inclusive, resilient, and prosperous economy where women entrepreneurs play a central role in shaping the country’s future.
>>>the writer is Head, Accra Tema Zone, National Investment Bank with over a decade experience in Business Advisory, Sales, Customer Service, Branch Operations among others. She is the Founder of Girls with Purpose Foundation, a not-for-profit community passionate about mentoring young girls and the youth to find their purpose, standout and succeed. Connect with Ramat via LinkedIn: Ramat Ebella Whajah, Email: [email protected]
