Editorial: Investing in women-owned businesses for economic growth

Sector Head of SME and Retail Banking at Zenith Bank Ghana, Gloria Cabutey-Adodadji, has highlighted the critical role of technology skills in business expansion, particularly for women-led businesses at the recently-held Women in Business (WIB) dialogue series organized by the Business and Financial Times (B&FT).

Consequently, Madam Cabutey-Adodadji cautioned against the potential consequences of neglecting digital tools in today’s fiercely competitive corporate landscape, noting that being tech-savvy is crucial for increasing sales and expanding market reach.

She further advocated integrating technology to equip women entrepreneurs with the necessary resources and skills to thrive in dynamic markets and aligns with broader initiatives at promoting gender-inclusive economic growth, as well as, recognising women as pivotal drivers of innovation and success.

More importantly, Ms. Cabutey-Adodadji also advised women to develop financial capacity and cultivate positive relationships with financial institutions. Zenith Bank’s support for SMEs includes discounted packages and subsidies, as well as, other essential services to assist in the growth and financial sustainability of SMEs.

Fostering collaboration, financial literacy, strategic planning, access to funding and embracing standardisation for international opportunities are some of the most critical factors required if women-led businesses are to reach their potential in delivering on the promise of being a critical pillar of national economic transformation.

The inaugural Women in Business (WIB) dialogue series held last week with the theme: ‘investing in women-owned businesses for Ghana’s transformation agenda: a call for action’ expressed the conviction that Ghanaian female entrepreneurs are well-positioned to play a pivotal role in building the local economy.

Women must embrace standardisation and take advantage of initiatives like AfCFTA to expand their reach. AfCFTA can open doors for women-owned businesses to reach new markets, but they need to ensure their products meet export standards.

Dr. Daniel McKorley, Chairman of McDan Group attended the dialogue and observed that women comprise over half – 50.7 percent – of the population, and that their proven excellence in sustainable business management, and a remarkable 96 percent loan payback rate, positions them for greater entrepreneurship so direly needed to grow the economy.

To him, therefore, more should be done to empower and inspire more women to engage in entrepreneurial endeavours.

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