Development Bank Ghana (DBG) launched a new women's lending program to increase financial access for female-led businesses. This initiative targets one of Ghana's most underserved yet economically significant groups. The program was unveiled during a customer appreciation event marking DBG's fifth anniversary.
Professor Randolph Nsor-Ambala, DBG's Chief Executive Officer, stated that improving women's access to finance is an economic growth strategy. He highlighted significant barriers women face in obtaining financial assistance. These include collateral requirements, difficulties with formalization, and limited technical support. Removing these obstacles will allow women-owned businesses to expand and improve productivity.
This initiative aligns with Ghana's broader economic goals of strengthening the private sector. Small and medium-sized enterprises (SMEs), many of which are women-led, form the foundation of sustainable economic transformation. Data indicates SMEs contribute significantly to employment and national output. Prior efforts to boost local businesses have often faced hurdles in reaching diverse entrepreneur groups.
Professor Nsor-Ambala emphasized that supporting vulnerable groups, including women and youth, benefits the entire country economically. He explained that a dream supported today can become an industry tomorrow. The bank's mandate focuses on nurturing start-ups and businesses in their growth phase. This approach ensures long-term national development beyond political cycles.
DBG has already disbursed over GHS 2.5 billion through partner financial institutions since its operations began. This funding has supported approximately 1,000 businesses across Ghana. These investments have led to the creation and sustainment of 41,000 jobs. The bank's vision is to empower businesses and allow the private sector to drive development goals.
Michael Mensah-Baah, Deputy Chief Executive Officer of DBG, confirmed the new program aims to close existing financing gaps for women-owned enterprises. He noted that over half of the businesses DBG has supported are women-led. Lending to women is not charity; it generates significant returns that benefit households and contribute to national wealth. Increased access to credit for women entrepreneurs leads to stronger business performance, higher employment, and improved household incomes.
The successful implementation of this program will depend on seamless collaboration with partner financial institutions. Watch for the initial impact on women-led business growth and employment figures. This development could reshape policy considerations regarding SME financing and gender equity in Ghana's economy. Stakeholders will monitor how effectively the program addresses the identified structural barriers.