Participants at a roundtable discussion have called for policies that boost women’s businesses.
They said that most policies fail to take women into account, arguing that their engagement in the economy leads to improved investments, jobs, and overall societal well-being.
They made the call at a roundtable on women in the private sector in Accra, which was organised by the Network for Women’s Right (NETRIGHT), Ghana, with support from the Open Society-Africa.
It sought to find out the effects of the current debt restructuring on women-owned businesses and advocate for gender-transformative social policies that address the challenges that women confront in the private sector.
Ghana is currently experiencing economic difficulty because of the COVID-19 pandemic, rising global food cost, soaring crude oil and energy prices, and the Russia-Ukraine war, which has had spillover effects on the banking sector.
The goal of the debt restructuring was to get Ghana back on the path of sustainable development.
Ms Fatima Abigail Abdulai, the Executive Director, Widows and Orphans Movement (WOM), said although women-owned business fed the country, they were not prioritised.
“So, if we really want to support the businesses and make it work, we can change the policy. The policies are for human beings, it is not the other way around… So, if something is not serving us, we need to relook at it and then amend it,” she said.
Ms Abdulai said that high interest rates, lending requirements, and some incentives discouraged and hindered the growth of women-owned businesses.
She noted that in the Northern parts of the country, certain societal norms prohibited women from owning lands, which was often required for bank loan acquisition.
Ms Abdulai attributed the failure of some informal businesses to the lack of information on numerous issues, including how to expand their businesses to get loans.
Madam Maureen Erekua Odoi, Executive Vice-Chair of the Association of Ghana Industries (AGI), suggested that women should receive a portion of the expected tax revenue throughout the restructuring programme to help them build their businesses.
She said many women in business contributed to the economy by employing people and boosting GDP, but they were marginalised when it came to accessing support services because their businesses were not formalised.
According to her, women need a balance in life to succeed in business.
Mrs Deborah Freeman, General Secretary, Union of Informal Workers Association, (UNIWA), said the informal sector had not benefitted enough from interventions by the Government due to bureaucracy.
She advised women in businesses to save and join pension schemes for the future.
“In this economy if you do not do something to help yourself, you will be found wanting, “she added.
She urged women to have a united voice, strong representation, and capacity building for those in informal work to make progress in their businesses.
Professor Akosua Darkwah, Convenor, NETRIGHT, said the Network was concerned about economic justice issues, including ensuring that women did not lose out in the current debt restructuring process.
She said that women and girls bore the burden of the past debt restructuring programme, with girls having to drop out of school.
Prof Darkwah reported that the IMF Chief of Mission to Ghana had said the Fund would pay attention to vulnerabilities in the present structural adjustment programme.
However, she said it was important for women in that sector to ascertain if their vulnerabilities had been considered.
GNA