No fairness in access to finance

-Women Entrepreneurs

The crème of women entrepreneurs in Ghana and their counterparts from the rest of Africa have called for fair treatment from top shots in the financial services sector, which is male dominated, in their quest to grow their businesses.

They expressed concern over the fact that, despite the widely acknowledged fact that females are generally more credit worthy than men, most credit officers and relationship managers, appear to have some resentment towards giving facilities to women entrepreneurs, sometimes making unreasonable demands.

At a two day international conference for women entrepreneurs hosted by the Eagle Women Empowerment Club (EWEC) in Ghana, participants also voiced out their displeasure at the frustrations they go through in their attempts to access financial support for their businesses simply because they are women.

Citing the Ghanaian situation as an example, they bemoaned the fact that the nation’s 27 universal banking institution are all headed by men, with only a few women occupying managerial positions.

They pointed out that the near exclusion of women from the top hierarchy of financial institutions in the country had contributed to the neglect of their interest in accessing finance.

Speaking to this reporter at the sidelines of the conference, women entrepreneurs in the country cited the successes chalked by women bankers such as Mrs Gloria Nikkoe of the Apex Bank and Magaret Mwanakatwe, the immediate past Managing Director (MD) of Barclays Bank Ghana, as examples showing that women can excel in leadership roles in the world of finance, calling on the regulatory body to set an example in that direction.

Princess M. S. Waziri, a former Nigerian banker and MD of Hashal Nigeria Limited, advised women in pole positions in the industry to inspire other women subordinates to strive for higher offices in their corporate institutions.

Mrs Waziri explained that she entered the industry at a time there were a few women in banking in her country, but she made it a point to assist many other young women, after rising to become head of the largest women banking associations in Nigeria.

Another major issue that came up for discussion at the conference was the high cost of borrowing in the country that has caused most Small and Medium Scale Enterprices (SMEs) to fold up .

Under the theme,‘Synchronizing global business - A new orientation for the African woman’, the conference brought together over 300 women from all over Africa, USA and Europe to share ideas and their successes to mentor other women.

Honorable Lauri J. Fitz-Pegado, a former Assistant Secretary and Director General of US Foreign and Commercial Services at the Department of Commerce and a major partner of the Livingston Group LLC, thrilled participants with opportunities for African women entrepreneurs in new markets, advising them to learn about the Africa Growth and Opportunities Act (AGOA) and take advantage of them.

Other major issues considered at the summit included creating customer value, satisfaction and loyalty, building and maintaining corporate Image. Also discussed extensively were such other issues as the relevance of IT for small companies, investment opportunities in Ghana and sources of funding.

Madam Dorothy Gordon of Ghana’s Kofi Annan ICT Centre, who moderated the panel discussions called for an affirmative action by leadership in society, and tasked resource persons present, including Yoofi Grant of Databank Financial Services, to play pioneering roles in fighting for what is due women.

Pat Mitchell, an international mentor and leader in global women's issues, and Fiona Egberts, a woman's Advocate from UK were key speakers at the summit.

Juliet Asante, President of the Eagle Women Empowerment Club (EWEC), called on women to join hands in solving the challenges they face in their business endeavours.

The International Businesswomen summit was facilitated by Vital Voices, Exxon Mobil Foundation and Fortune 500 companies, with support from other organisations including the Financial Intelligence Newspaper.