Deputy Governor of the Bank of Ghana Dr. Elsie Awadzi has announced that the country’s private sector is dominated by female entrepreneurs.
According to her, MasterCard’s 2019 Index of Women Entrepreneurs reveals that Ghana takes the second spot in Africa following Uganda.
Despite this, Dr Awadzi noted that per the report, as a result of lack of business support and its avenues, women-owned businesses remain unprofitable and smaller.
The World Bank’s 2017 Global index survey, she pointed out, reported that businesses owned by women are 8 per cent less likely than their male counterparts to receive financial support in order to start their businesses.
The Deputy Governor of the central bank, therefore, lauded Standard Charted Bank for its Women in Technology Incubator programme launched in November last year, meant to resolve the many challenges faced by women.
She described as bold the initiative taken by the bank.
Dr. Awadzi was at the Standard Chartered Bank’s head office in Accra last week to celebrate 10 months down the line at the SC Women in Technology Incubation first cohort graduation ceremony.
The incubator programme is run in partnership with Ashesi University’s Ghana Climate Innovation Centre (GCIC).
The Women in Technology Incubator programme combines world-class startup support with local and international experience to provide a holistic startup incubation program focusing on immersive learning, mentorship & coaching, seed financing, and business to business linkages for high potential startups tackling the continent’s most relevant challenges.
Mrs Mansa Nettey, Standard Chartered Bank’s Chief Executive Officer noted that the aim of the programme is to empower women and to drive diversion and inclusion as 85 per cent of businesses in the country are MSMEs with between 35-385 women-owned.
She indicated that many businesses have been adversely affected by the Covid-19 pandemic.
Mrs Nettey added that the bank is driving Ghana’s economic development toward achieving the Sustainable Development Goals.
Meanwhile, out of 14 startups, the five that emerged winners went through a four-month entrepreneurship skills training.
Also, Executive Director-Ghana Climate Innovation Centre, Ashesi University, Mrs. Ruka Sanusi thanked Standard Chartered Bank for the programme.
