Mr. Essuman, who described these experts as “lawyers, accountants, and business advisers, among others,” emphasized their ability to provide a comprehensive overview of the business, ensuring that all elements of the transaction are covered.

Speaking at a GIZ workshop on the theme “Reducing the Cost of Capital for Women SMEs in Ghana” held in Accra, the presidential adviser highlighted that transactional advisers contribute significantly to positioning a company as an attractive investment opportunity.

“They make sure that your documents are up to date to ensure that you know the true value of your company. So that no one cheats you when they invest in your company. When you have accountants or valuers as part of your team, you know your company’s worth,” he said.

Addressing the challenges faced by women entrepreneurs in accessing finance, Emi-Beth Quantson, CEO of Kawa Moka, noted that female investors are often more understanding of their unique challenges, considering factors such as the balance between business success and family responsibilities.

The CEO of Incas Diagnostic, Dr. Laud Anthony Basing, shared his experience regarding the difficulty of obtaining loans in Ghana, listing the high-interest rates and the unrealistic repayment expectations from financial institutions as significant challenges for entrepreneurs.

“It’s difficult to access loans in Ghana because first of all, people look at the business and realize that there’s a lot of money going into it, but they’re not seeing a lot of money coming out of it,” he said.

He added that despite financial institutions being willing to give you money, “they are taking almost 50%” and when the business starts raking in profits, if they give you “$100,000, they expect $200,000 within this short period of time. And that is one of the things that has been killing us a lot.”

The Technical Adviser for WE4A Ghana, Gideon Mankralo, recounted the impact of the Women Empowerment for Africa project. This initiative has provided training to beneficiaries in Kenya, Tanzania, Mozambique, Uganda, and Ghana, empowering them to access funding from various sources, including equity and debt. The project, which commenced in September 2021, has played a crucial role in supporting female entrepreneurs.

The CEO of the National Entrepreneurship and Innovation Programme (NEIP), Mr. Kofi Ofosu Nkansah, urged both the government and the private sector to intensify their efforts in reducing the cost of capital for startups and SMEs.

Among the list of participants present were representatives from the Ministry of Finance, the European Union (EU), and Deutsche Gesellschaft für Internationale Zusammenarbeit, among others.