According to Joyce Mogtari Bawah, Special Aide to John Mahama, women make up over 50 percent of the population, yet their potential remains untapped, as the statistics clearly indicate.
She noted that despite challenges, women have established 44% of MSMEs in Ghana, a sector that accounts for 92% of all businesses in the country, showcasing their resilience and entrepreneurial spirit.
Joyce Bawah indicated that women make up 46% of Ghana’s entrepreneurial workforce, yet face a widening gender gap in financial inclusion, according to Global Findex Reports.
“This situation is a clarion call for a transformational action towards gender equality. Intrinsically linked are the objectives of gender equality and women empowerment. However, they could be mutually reinforcing only within a supportive policy environment”.
“It is only within an enabling policy environment that the virtues of fairness, equity, and social justice could find concrete expression in economic and development outcomes. Behind these impressive statistics of women’s economic contribution and their challenges are real-life stories of heroines and women of valor, of which that of Dr. Mrs. Esther Ocloo is worth noting”.
Joyce Mogtari Bawah
The NDC Stalwart noted that several successful businesses in Ghana are owned by women, including First Choice, Reroy Cables, FC Beauty College, and others, showcasing the entrepreneurial prowess of young Ghanaian women.”
She indicated that trailblazing women like Grace Amey-Obeng, Israel Kafui Mansu, Theresa Oppong-Beeko, and Kate Quartey-Papafio have made their mark in their industries, inspiring others with their achievements.
Joyce Bawah stated that women-owned businesses are driving impact across various sectors, including agriculture, tech, housing, fintech, and trade, significantly contributing to the country’s economic growth and improving the lives of millions of Ghanaians.
Unlocking Ghana’s Economic Potential Through Women’s Access To Capital
Furthermore, Joyce Bawah pointed out that women-owned businesses in sub-Saharan Africa face a significant funding gap of $42 billion, with Ghanaian women entrepreneurs struggling to access capital, hindering their economic potential and the country’s economic growth.
As such, she stated that to unlock Ghana’s economic potential, women’s access to capital must be prioritized through targeted policies and programs that address their unique needs.
Joyce Bawah expressed her strong belief in a women’s development bank, aligned with the NDC’s vision, indicating that is a vital concept to explore, addressing the financial needs of women entrepreneurs and promoting economic empowerment.
“Access to critical funding for women-owned businesses could increase Ghana’s GDP by up to five billion dollars in the next 10 years. I agree with the assertion of Kosi Yankey-Ayeh of the Ghana Enterprises Agency that investing in women-owned businesses is not only a moral imperative but also a strategic necessity to catapult Ghana’s sustainable development”.
“This is why the announcement by the National Democratic Congress’ (NDC) 2024 Running Mate, Prof. Naana Jane Opoku-Agyemang, that the next NDC administration from 2025, God willing, will establish a Women Development Bank, is seen as the boldest decision by any political party aimed at giving a practical interpretation to the empowerment of women”.
Joyce Mogtari Bawah
She noted that the pledge to establish a women’s development bank, combined with targeted financial policies, is a timely boost for women-owned businesses, poised to drive economic growth and empowerment.
Tailored Solutions For Women-Owned Businesses
Moreover, Joyce Bawah argued that a women’s development financial institution is crucial because women-owned businesses have distinct financing needs that require specialized solutions, making them a unique market segment.
She stated that a women-focused financial institution can provide tailored products and services to address women’s unique financial needs, while a gender-lens approach can effectively address leadership challenges and improve governance in women-owned businesses.
Bawah further noted that a women’s development financial institution can provide valuable insights and expertise to inform gender-inclusive financial policies, enhancing women’s economic contributions and fostering economic development.
“It is comforting to note that the women’s financing business is a minimal-risk one. Research globally indicates that women are more dependable in credit repayment than men”.
“Women consistently demonstrate better repayment performance, whether under joint liability or dynamic incentive schemes. In a study using a global data set of 350 microfinance institutions across 70 countries, it was confirmed that a higher percentage of women is associated with lower portfolio risk, enhanced repayments, and fewer write-offs and provisions”.
Joyce Mogtari Bawah
Joyce Bawah stated that in Ghana, the African Guarantee Fund found that women borrowers had a significantly lower default rate (1-1.5%) compared to men (4-6%).
She indicated that women also reinvest up to 90% of their revenue in education, health, and family, compared to 40% for men, making financing women-owned businesses a highly impactful investment in communities.
Bawah stated that Ghana’s census shows nearly half a million more women than men, with women owning 44% of MSMEs.
As such, she argued that the NDC’s decision to establish a Women’s Development Bank and implement policies supporting women entrepreneurs can tackle poverty at its root.
She detailed that closing the gender funding gap could increase GDP by 12%, according to the African Development Bank.
Bawah maintained women entrepreneurs drive social change, aligning with the UN’s Sustainable Development Goals, making this initiative a bold step towards economic growth and societal impact.
She pointed out that the Women’s Development Bank will create over 100,000 jobs annually, empowering women economically and socially.
This initiative, Joyce Bawah claimed, will bridge the gender financing gap, contributing to SDGs like poverty reduction, food security, health, education, and gender equality.
She noted that women-led businesses drive community development, environmental sustainability, and social responsibility.
The NDC stalwart stressed that empowering women has a multiplier effect, benefiting society as a whole.
As such, she urged the public to join the NDC to make women’s economic empowerment a reality and create a more equitable society where women can also become millionaires.
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