The Development Bank Ghana (DBG) has announced a strong commitment to empowering women-led small and medium enterprises (SMEs) across the country. As part of this initiative, DBG is actively supporting Advans Ghana Savings & Loans through the launch of the AdvansHer program, aimed at addressing the unique challenges faced by female entrepreneurs in the country. This partnership is set to provide not only financial resources but also the tools and knowledge necessary for women to scale their businesses successfully.
Under the banner of DBG’s SME Growth and Opportunity (SME-GO) program, Advans Ghana will receive an additional GH¢14 million in funding. This boost will help ensure that more women have access to flexible loans tailored to their specific needs. Alongside the financial support, the program also focuses on capacity-building efforts, providing female entrepreneurs with vital training in financial literacy and business management skills.
DBG’s Deputy CEO, Michael Mensah-Baah, spoke about the bank’s pivotal role in driving economic change through financial inclusion, especially for women-owned businesses. He highlighted how the partnership with Advans Ghana under the SME-GO program was designed to create lasting financial access and sustainable growth opportunities for SMEs, especially those led by women.
“We believe that by improving access to finance, enhancing skills, and providing mentorship, DBG can help women entrepreneurs and SMEs across the country thrive,” Mr Mensah-Baah explained. “Ultimately, our goal is to contribute to Ghana’s economic growth and resilience.”
He went on to explain that this partnership was a step towards strengthening the economic foundations of women-owned businesses, helping to build a more inclusive economy in Ghana. “Initiatives like AdvansHer are key to creating a sustainable and inclusive economic environment. By empowering women entrepreneurs, we are investing in the future of Ghana’s economy,” he added.
Advans Ghana, one of DBG’s key partner financial institutions, is fully committed to the vision of financial inclusion as a driving force for both economic growth and social development. According to Guillaume Valence, the CEO of Advans Ghana, the company has long recognized the critical role women play in fostering economic progress. In fact, more than 60% of Advans Ghana’s loan clients are women, highlighting the importance of supporting female entrepreneurs.
The AdvansHer program was launched specifically to tackle the challenges that women face in business, providing them with access to tailored financial products, as well as opportunities for networking, coaching, and mentorship. As part of this initiative, female entrepreneurs will also benefit from education in financial literacy, which is essential for making sound business decisions.
“At Advans, we believe that financial inclusion is not just about offering loans; it’s about offering the right kind of support to help women succeed,” said Mr Valence. “The AdvansHer program is a direct response to the unique needs of female entrepreneurs. We want to ensure that women not only have access to capital but also the education and resources to manage and grow their businesses effectively.”
Through its various offerings, AdvansHer aims to make a significant impact by helping women entrepreneurs overcome the challenges they face, whether it’s limited access to finance, a lack of business skills, or fewer opportunities for networking and collaboration.
Moreover, the partnership between DBG and Advans is a strategic move towards building a more inclusive economy in Ghana. By providing the necessary support for women-led SMEs, the two organizations hope to create a ripple effect across the wider economy. Empowering female entrepreneurs with the tools they need to succeed will ultimately contribute to job creation, poverty reduction, and a more diversified economy.
Women entrepreneurs in Ghana often face numerous hurdles when trying to establish and grow their businesses. From limited access to capital to a lack of mentorship opportunities, these challenges can hinder their progress and growth. The AdvansHer program, however, is specifically designed to bridge these gaps, offering a range of services that cater to the needs of women at every stage of their entrepreneurial journey.
This partnership between DBG and Advans Ghana is an exciting development for the country’s growing entrepreneurial landscape, especially for women looking to break through barriers and reach new heights in their business ventures. With the backing of the SME-GO program and AdvansHer, the future for women entrepreneurs in Ghana looks bright, as they continue to contribute to the growth and resilience of the economy.
Both organizations are optimistic that by providing women with access to the right financial tools, business expertise, and supportive networks, they will help unlock the full potential of women-led businesses, driving the country towards a more inclusive and prosperous future.