Will Ghana’s next leaders address barriers to women entrepreneurs?

Women's participation in business has increased in Ghana. However, as opportunities expand, the disadvantages that female entrepreneurs encounter become more apparent. 

Many women are unable to scale their businesses due to a lack of funding, poor networking opportunities and societal standards. 

As a business coach with experience assisting female-led enterprises, I've seen these obstacles first-hand and devised tailored ways to help women overcome them. 

Addressing these hurdles benefits not only individual entrepreneurs, but also the economy, resulting in more inclusive and resilient communities. 

This article will look at the major difficulties that female entrepreneurs in Ghana encounter and provide real, impactful ways to overcome each one.

Limited access to financing

Funding is one of the biggest challenges facing Ghanaian women entrepreneurs. Because of their smaller size and lack of collateral, many financial institutions view women-owned firms as riskier assets, which can result in higher interest rates or loan refusal. 

Furthermore, cultural biases might occasionally affect the decision-making process, particularly when female entrepreneurs do not have male co-signers. 

I place a high priority on financial literacy training to assist female entrepreneurs who are having financial difficulties. 

This involves teaching clients how to create solid company plans, control cash flow and comprehend financial statements all of which are necessary to qualify for business financing. 

Not enough opportunities for mentoring and networking

Effective networking and mentorship are essential for acquiring company insights, forming alliances and broadening market reach, but they are frequently inaccessible to female entrepreneurs in Ghana. Lack of exposure to prosperous role models may also make women less confident in growing their businesses. 

As a coach, I stress the value of networking and help people connect with seasoned business owners and leaders in the field. 

For instance, I provide monthly mentoring sessions and networking events just for women to link seasoned business owners with up-and-coming ones. Women can learn from one another, access business possibilities, and share their experiences at these gatherings.

Balancing family responsibilities and business demands

In Ghana, women are frequently expected to shoulder a large portion of domestic and family duties due to cultural norms. Burnout can result from juggling these obligations with the constraints of managing a firm, which restricts the expansion of their endeavours. 

I provide training in delegation and prioritisation to assist clients in efficiently managing their time. 

I help them develop adaptable business strategies that consider their obligations to their families, showing them how to establish limits and set out specific times for business-related tasks. One of my clients who has a catering company, for instance, had trouble managing her time because of her family responsibilities. 

We worked together to create a time-blocking system that let her concentrate on food preparation and customer service during certain hours while assigning reliable team members to handle duties such as delivery.

Insufficient familiarity with digital marketing and technology

Businesses must use online platforms to reach a wider audience and increase efficiency in an increasingly digital world. 

However, many Ghanaian women entrepreneurs lack access to or expertise in digital marketing tools and technologies, which limits the expansion of their businesses. I offer digital literacy classes designed specifically for female entrepreneurs to address this issue. 

These programmes cover subjects such as e-commerce, social media marketing and basic website administration. I collaborate with customers to create easy-to-implement digital marketing plans. 

For example, understanding how to use Facebook Marketplace and creating an Instagram page helped a customer with a retail business improve sales significantly.

Social expectations and gender stereotypes

Stereotypes and traditional gender norms in Ghana might occasionally impede women's attempts to achieve success in the corporate world. Discrimination against female entrepreneurs can come from both society and their own families, which can undermine their self-esteem and prevent them from taking risks with their business ventures. 

As a coach, my main goal is to help my female clients become more confident by providing them with focused seminars that highlight their skills and accomplishments. To track their progress, I also advise them to define both professional and personal goals.

Conclusion

Ghana's economy depends heavily on female entrepreneurs, and resolving their issues is essential to creating a more robust and inclusive economic environment. 

The next generation of Ghanaian leaders has a rare chance to develop frameworks and policies that encourage female entrepreneurs and remove structural obstacles to their expansion. 

Nevertheless, there are doable actions that mentors and business coaches may take to assist women in business while we wait for legislative improvements.

The writer is a Lecturer/SME Industry Coach, Coordinator (MBA Impact Entrepreneurship and Innovation), University of Professional Studies Accra

ayiku.andrews@upsamail.edu.gh
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