A non-governmental organization, Wombmen Worldwide, is set to provide opportunities for women-led small and medium enterprises (SMEs) to access loans, either to support their existing businesses or kickstart new ventures.
According to the country director for Wombmen Worldwide, Sika Arthur, empowering women-led small and medium enterprises (SMEs) is crucial for fostering economic independence and long-term financial stability.
The project’s focus on providing opportunities for women who are yet to start their businesses due to a lack of capital is especially commendable, as it addresses a critical barrier that many aspiring female entrepreneurs face.
‘’The emphasis on targeting women with small businesses or those who haven’t started yet, rather than those already making profits, reflects a commitment to inclusivity and ensuring that the initiative benefits those who need it the most’’
The initiative, which is under the organization’s Fueling Hope Project, is to support female entrepreneurs running micro, small, and medium-sized businesses with an alternative source of investment to improve their economic independence and long-term financial stability.
Speaking at a press conference, Sika Arthur said the project will target women who are yet to start their businesses due to a lack of capital and those with small businesses.
“We are not looking for anyone with a sustainable business and already making a profit; that will defeat the purpose. The goal is aimed at those who have not hoped yet.”
Arthur noted that the statistics highlighting the significant contribution of women-owned enterprises to Ghana’s economy, as well as the global recognition of Ghana’s high percentage of women-owned firms, further underscore the importance of supporting and promoting female entrepreneurship.
The significance of women-owned enterprises in Ghana is underscored by the MasterCard Index of Women Entrepreneurs, which placed Ghana (36.5%) among the top three global economies with the highest percentage of women-owned firms, with Uganda (39.6%) and Botswana (38.5%).