Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has urged female small and medium-scale enterprises (SMEs) owners to scale up by formalising, building their financial identity, thinking beyond borders, and positioning for growth.
Delivered a keynote on “Unlocking Finance and Markets for Women-Led Enterprises: Accelerating Trade, Growth and Economic Transformation” at the Glitz Africa Women CEOs Summit in Accra, she stated that women own 44% of SMEs in Ghana, yet less than 10% access formal credit.
She said that while financial inclusion has reached 81% account ownership, access to meaningful capital remains the real gap.
"The way forward is clear: rethink credit systems, design fit-for-purpose financial products, and unlock capital at scale," she said.
With the African Continental Free Trade Area (AfCFTA) opening a $3 trillion market across 54 countries, Mrs. Asante-Asiedu said that the opportunity to scale beyond borders is real.
"To every woman building: formalize, build your financial identity, think beyond borders, and position for growth. This is the decade to scale," she stressed.
She further urged financial institutions to stop viewing women entrepreneurs as a charitable group and instead recognise them as a commercially viable market segment.
According to her, women-led businesses have consistently demonstrated strong repayment records and prudent investment practices, making them reliable customers for financial institutions.
Mrs. Asante-Asiedu urged banks and other financial institutions to design women-focused financial products that will improve access to credit for women-owned enterprises.
She noted that research and industry data continue to show that women entrepreneurs have lower loan default rates compared to many other customer segments.
“So to the financial institutions, stop treating women entrepreneurs as a charitable constituency and start treating them as the most commercially compelling segment,” she stated.
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