DNA Foundation empowers women to be economically viable; GCB Bank Limited supports training

Empowering women to participate in the economic development of a country is vital.

However for years, this area and many others relating to women in society have been neglected.

Despite the fact that women own about half of the businesses in Africa and are a vital source of economic growth, most of these businesses are still in the informal economy and are yet to reach their full potential.

Women entrepreneurs face numerous challenges, chief among them being lower profits and fewer employees compared to male-owned businesses.

This is partly due to skills gaps between women and male entrepreneurs, including differences in formal education levels, management and socio-emotional skills and lower levels of business capital, including inventory, equipment and property, compared to their male counterparts.

A Personal Initiative training session with school proprietors at Kasoa

However, women’s business income is a critical source of earning for households.

In Ghana, it is estimated that female micro entrepreneurs’ profits account for 33 per cent of household expenditure, while female entrepreneurs are also believed to be a catalyst for bringing more women into the workforce as they are much more likely than men to employ women.

Our purpose

To help address this gender economic gap, Women’s DNA Foundation was formed in May 2019 as the corporate social responsibility (CSR) vehicle of Women’s DNA Fund.

‘DNA’ stands for develop, nurture and advance, reflecting the organisation’s vision to make a positive socio-economic impact by creating an ecosystem to develop, nurture and advance the extraordinary achievement of Ghanaian women entrepreneurs.

Personal Initiative training participants with their certificates at Somanya

The fund targets women in the “missing middle”, whilst the foundation’s mission is to empower women and youth entrepreneurs whose businesses are too small to qualify for commercial investment but are worth nurturing with business skills training and grant funding.

This mission is achieved through the engagement of corporate stakeholders with which it collaborates to channel CSR resources to support grass roots business success.

The model enables organisations to contribute meaningfully to local economic development for tangible results and a lasting impact.

Test case funded by GCB Bank Limited

Following an initial self-funded Personal Initiative training programme in June 2019 for 16 women, GCB Bank Limited provided support in the form of CSR funds that enabled the training of a further 68 women from July to October.

Training beneficiaries were from Kasoa, Somanya and Ga East and included school proprietors, livestock and poultry farmers, traders and women in other sectors.

Thanks to the funding, qualifying trainees are also expected to become eligible for repayable grants to help their businesses. The benefits will be ongoing as repaid grants will be recirculated to benefit other entrepreneurs.

Women’s DNA is spearheaded by Dr Amanobea Boateng, an expert in SME development support, who says the response to training has been overwhelmingly positive and “we believe that with the support of initial CSR funding from GCB Bank, Women’s DNA is establishing a sound track record”.

This she says “will underpin our growth into an institution at the forefront of helping to shape Ghana’s women and youth entrepreneurs into agents of socioeconomic development”.

Beneficiaries of Women in Poultry training from Ga East

Feedback

Personal Initiative training creates a mindset change by teaching entrepreneurs to be self-starting, future thinking and showing them how to overcome barriers.

Conversations with training beneficiaries revealed that the majority of them considered the training to have had a positive impact on their performance and businesses.

Many reported that prior to their training, they believed the only means of succeeding in business was to access significant amounts of external finance.

However, by applying lessons in innovation, opportunity identification, goal setting, action planning and bootstrapping, many of them had begun to implement their goals without having to borrow.

Reports of their post-training achievements show an increase in resourcefulness and tangible improvements in their businesses.

Further information on Women’s DNA Foundation may be obtained from the website www.wdnaf.com/foundation