Gov’t urged to support women entrepreneurs

Dr Kwame Asamoah, Lecturer at the University of Ghana Business School, has urged government to provide incentives to financial institutions that support women entrepreneurs, to enhance access to finance and managerial skills.

He said many women lacked entrepreneurial and managerial skills, which were critical to the success of women entrepreneurs.

Dr Asamaoh made the call when he made a presentation at a policy symposium on the theme: “Gender In Trade and Industry: Needs and Challenges of Women Entrepreneur In Ghana. “

The symposium, organized jointly by Centre for Scientific and Industrial Research, DFID, Development Research Uptake in Sub-Saharan Africa, ISSER, Association of Commonwealth Universities and government, attracted women entrepreneurs to discuss and make recommendations that would shape policy decision on women entrepreneurship.

“Women entrepreneurs have low level of management skills, and the culture that will boost their business growth,” he noted.

He pointed out that cumbersome registration of businesses and obtaining licenses, adhering to statutory requirements, and contracting, were some of the factors limiting the progress of women in small-scale entrepreneurship.

Dr Asamoah also indicated that at the core of the problem was the cost of borrowing, adding that the existing interest rates in both the formal and informal financial sectors remained high, lack of collateral security for finance.

Dr Asamoah said for equity and economic reasons, policy makers need to consider how the participation of women in trade can be promoted.

He said steps should be taken to minimize the negative impact of trade and export policies for women entrepreneurs.

Mr Richard Ampadu-Ameyaw of Science and Technology Policy Research Institute, said women’s businesses are facing a lot of challenges, and many are folding up, but the contribution of women is also very key role in the economy, especially rural communities.

He said small-scale businesses stagnate, and most of them eventually die off, suggesting that in order for businesses to grow, they need to identify gaps, in order to address them..

He appealed to government to continue with reforms in the trade and industry sector that will help remove some of the difficulties women face in their businesses.