The Ghana National Chamber of Commerce and Industry’s Commitment to Empowering Women and Youth Entrepreneurs
The Ghana National Chamber of Commerce and Industry (GNCCI) has demonstrated its dedication to fostering entrepreneurial growth among women and youth through the establishment of the Women and Youth Wing (GNCCI-WAY). This initiative aims to equip aspiring and existing entrepreneurs with the tools and resources they need to thrive in the competitive business landscape. Recognizing the critical role that women and youth play in economic development, the GNCCI has prioritized access to finance, mentorship, and market entry, addressing key challenges that often hinder the progress of women-led micro, small, and medium enterprises (MSMEs) and young entrepreneurs. This commitment underscores the GNCCI’s understanding of the transformative potential of empowering these demographics, not only for individual prosperity but also for the broader economic advancement of Ghana.
A key focus of the GNCCI-WAY is tackling the financial barriers that disproportionately affect women entrepreneurs. Dr. Emelia Assiakwa, 1st Vice Chairperson of GNCCI, highlighted the difficulties women face in accessing credit facilities due to stringent conditions imposed by financial institutions. The GNCCI has proactively implemented measures to support women in establishing and expanding their businesses, recognizing that this can create a ripple effect of job creation and economic activity. The emphasis on women’s economic empowerment is rooted in the understanding that investing in women yields significant returns, contributing to poverty reduction and overall economic growth. This aligns with global trends recognizing the vital link between women’s economic participation and societal well-being.
Furthermore, the GNCCI-WAY addresses the broader challenges faced by both women and youth in the SME sector. Mr. George Smith, Regional Chairman of GNCCI, identified critical issues such as limited access to startup capital, the scarcity of affordable long-term credit, inadequate support for business registration, and insufficient capacity development opportunities. These obstacles often restrict SMEs to micro-level operations, preventing them from scaling and achieving their full potential. The GNCCI-WAY’s strategy leverages technology and digital tools to overcome these traditional barriers, fostering innovation, improving access to financial services and markets, and promoting financial inclusion. This approach reflects the GNCCI’s forward-thinking approach to supporting entrepreneurs in the rapidly evolving digital age.
The GNCCI-WAY also emphasizes the importance of networking and mentorship. By connecting women and youth-led SMEs with experienced entrepreneurs and integrating them into regional value chains, the initiative aims to foster competitiveness, enhance market access, and promote sustainable growth. This strategic approach recognizes that mentorship and networking provide invaluable support, guidance, and opportunities for collaboration, ultimately contributing to the long-term success of these businesses. The GNCCI’s commitment to fostering such connections demonstrates its understanding of the crucial role that collaborative ecosystems play in entrepreneurial development.
The impact of empowering women and youth entrepreneurs extends beyond individual success. Madam Benedicta Anita Mensah, Regional Manager of GNCCI, emphasized the broader economic benefits, including job creation, innovation, and improved community livelihoods. The GNCCI’s advocacy for increased participation of women and youth in the SME sector reflects a commitment to inclusive growth and poverty reduction. The call for collaborative efforts from government agencies, financial institutions, and development partners highlights the importance of a multi-sectoral approach to address the systemic challenges faced by these entrepreneurs.
The GNCCI-WAY’s capacity-building workshops, such as the one held in the Central Region, provide practical training and resources to equip participants with the skills and knowledge necessary to succeed in business. Mrs. Patricia Abena Kissi, CEO of SDAT Consult Limited, lauded the initiative for addressing critical business gaps, including the lack of structure and resilience among entrepreneurs and the need for stronger support systems. The participants’ pledge to collaborate and share best practices further reinforces the sense of community and mutual support fostered by the GNCCI-WAY. This collaborative spirit reflects the GNCCI’s vision of creating an enabling environment where young and female entrepreneurs can thrive and contribute significantly to Ghana’s economic development. The GNCCI’s multifaceted approach, encompassing financial support, mentorship, market access, and capacity building, demonstrates a comprehensive strategy for empowering women and youth entrepreneurs and unlocking their full potential to drive economic growth and societal well-being in Ghana.
