Govt planning collateral-free loans for women entrepreneurs

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare says the government’s proposed Women’s Development Bank, will provide women entrepreneurs with easier access to credit, including collateral-free loans.

The initiative forms part of broader efforts to boost economic participation among women and youth, with policies tailored to enhance business growth and job creation.

Speaking at the launch of the Ghana National Chamber of Commerce and Industry’s Women and Youth Wing (GNCCI-WAY), Ofosu-Adjare emphasised the bank’s role in bridging financing gaps for women-led businesses.

“The Women Development Bank is certainly a game changer for women. This bank is going to be manned by only women. Women entrepreneurs are going to get cheap credit. They are going to get access to credit without collateral because studies have shown that when women take loans they pay back.”

Beyond the bank, the government is rolling out additional support programs, including a free apprenticeship scheme and tailored financing solutions under the Ghana Enterprises Agency (GEA).

Dr. Mrs. Emelia Asiakwa, First Vice President of GNCCI, highlighted the GNCCI-WAY initiative’s role in addressing key challenges such as market access and financial inclusion for women and young entrepreneurs.

“GNCCI-WAY is committed to addressing the unique challenges faced by women and youth in accessing market, finance as well as other business development services. Through it strategic efforts, the GNCCI-WAY aims to provide the necessary support to help women and youth to overcome obstacles and thrive in the business landscape.

“GNCCI-WAY seeks to promote entrepreneurship by fostering a culture of innovation and providing women and youth with the skills, knowledge and support they need to start and grow successful businesses,” she said.