Bawumia promises fund to boost women-owned businesses

Vice-President Mahamudu Bawumia has announced the establishment of a Women’s Trade Empowerment Fund (WoTEF) to support women-owned businesses.
This initiative aligns with his vision of promoting gender equality and empowering women entrepreneurs.
The WoTEF will provide financial assistance to women-owned businesses, enabling them to access capital, markets, and technology.
This support is expected to bridge the gap in economic opportunities and enhance women’s economic empowerment.
Dr. Bawumia emphasized inclusivity and progressiveness, with a specific focus on empowering women and protecting the elderly.
His strategy aims to create a more equitable society where every citizen can succeed and live with dignity.
His plan for women centers on creating a robust framework of opportunities and systematically removing obstacles that hinder their success.

Disadvantages in obtaining capital and credit
Female-led businesses have long faced historical disadvantages in obtaining capital and credit, making it challenging for women entrepreneurs to start and run businesses.
Female-led businesses often struggle to reach their full potential despite their growth ambitions.

$1.7 trillion MSMEs financing gap
The total finance gap for women-owned micro, small, or medium enterprises (MSMEs) is estimated at $1.7 trillion. Studies have revealed that 35% of women seeking funding have encountered gender bias from financiers, yet women entrepreneurs own 22% of micro-enterprises and 32% of small and medium enterprises (SMEs).
2.4bn women lack the same economic rights as men
According to the World Bank, 740 million women globally are unbanked, and 2.4 billion women worldwide lack the same economic rights as men.
Although there is a growing number of women business owners, their companies remain 44% smaller on average than those of their male counterparts.

80% women-owned businesses in Ghana struggling
In Ghana, about 80% of women-owned businesses are stuck at the “micro” level, unable to expand due to a lack of coordinated support, affordable long-term credit, and sufficient access to new technologies.
They also face poor infrastructure, low capacity, and sometimes obstructive government policies.

70% MSMEs
World Bank estimates indicate that most businesses in Ghana, which account for 70% of employment in the country, fall within the categories of “micro,” “small,” and “medium” enterprises.
These businesses range from farming activities, agribusiness, and light manufacturing, such as textiles and garments, to arts and crafts.
However, due to neglect, this sector has suffered greatly over several decades, contributing to a nationwide shift from productive entrepreneurship to petty trading.
NPP manifesto on women’s empowerment
The NPP government’s commitment to supporting women-owned businesses is a key aspect of its manifesto for the 2024 elections.
The manifesto outlines several initiatives aimed at promoting women’s empowerment, including the implementation of the Affirmative Action Act, the establishment of a “Women in Diplomacy” programme, and the promotion of women’s rights in the workplace.
The WoTEF is expected to have a significant impact on the lives of women entrepreneurs, enabling them to grow their businesses and contribute to the country’s economic development.
Improved access to technology will enhance the competitiveness of women-owned businesses in Ghana, granting them critical leverage in the international market.
“We are committed to supporting women-owned businesses and promoting women’s economic empowerment,” Vice-President Dr Bawumia stated in his manifesto.
“The WoTEF is a key initiative that will help unlock the potential of women entrepreneurs and promote gender equality.”
The government’s efforts to support women-owned businesses have been welcomed by women’s groups and entrepreneurs, including those in Makola, Kejetia, and Kantamanto, who see this as a positive step towards promoting gender equality and economic empowerment.