In a significant move to support women entrepreneurs participating in the Africa Continental Free Trade Area (AfCFTA),
The Ashanti Regional Director of the Ministry of Trade and Industry, Mamuda Osman, has announced a groundbreaking initiative in a significant move to support women entrepreneurs participating in the Africa Continental Free Trade Area (AfCFTA).
Women-led businesses venturing into exports under AfCFTA will now have access to bank loans at a subsidized interest rate of 10 percent.
Mr Mamuda highlighted the government’s commitment to bolstering women in business, recognizing their crucial role in the nation-building process. Addressing participants at the Ghana National Chamber of Commerce/GIZ Trade Hub conference for GNCCI Women in Kumasi, he emphasized the significance of supporting women in their export endeavors.
He revealed that a special protocol for Women and Youth-led businesses, addressing their specific challenges and facilitating trade, has been negotiated under the AfCFTA agreement. This protocol is set to be adopted in the next African Union (AU) meeting for operationalization.
As part of the government’s ongoing support, Mr Mamuda assured participants that 200 companies, inclusive of women-led enterprises nationwide, have been selected to receive hands-on support under the AfCFTA agreement.
In his address, Mr Mamuda stressed the importance of women entrepreneurs in the current era of intense competition, globalization, and liberalization. He encouraged businesses to strive for excellence, develop core competencies, and gain confidence to effectively compete in both continental and global markets.
Highlighting the positive impact of successful women-led businesses on the country’s socio-economic development, Mr. Mamuda underscored the need to deliberately include women in making AfCFTA a success. He emphasized that the success of women-led businesses can contribute to reducing female dropouts in schools and diminish women’s over-reliance on men for daily survival.
Meanwhile, Victoria Hajar, the first Vice President of the Ghana National Chamber of Commerce and Industries (GNCCI), stressed the importance of inclusivity and sustainable socio-economic development for the full benefits of increased intra-African trade under AfCFTA. She acknowledged the persistent challenges faced by women in business and highlighted the immense potential of AfCFTA to harness the strength of women.
The GNCCI and GIZ Trade Hub have been proactive in supporting women-led businesses through initiatives such as sensitization programs, workshops, and seminars. The dedication of the year 2023 to a gender-focused approach aligns with the AfCFTA Protocol on Women and Youth in Trade, emphasizing gender-inclusive trade policies and gender mainstreaming in the national and regional implementation strategies of AfCFTA.