By Morkporkpor Anku
Accra, Jan. 30, GNA – Mrs Kosi Yankey-Ayeh, Former Chief Executive of Ghana Enterprise Agency, says it is critical to champion access to finance, skill development, infrastructural technology, market access and networking to empower women and youth entrepreneurs.
She said ensuring a business-friendly environment for women and youth entrepreneurs required targeted policy interventions.
Mrs Yankey-Ayeh was speaking at the launch of the Ghana National Chamber of Commerce and Industry’s Women and Youth Wing (GNCCI- WAY) on the theme: “Empowering Women and Youth Entrepreneurs for Economic Development.”
GNCCI-WAY is a dedicated wing within the GNCCI, established to offer focused support to women and youth entrepreneurs.
The initiative sought 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.
It also focuses on economic empowerment, ensuring access to vital resources such as finance, markets, and business development services.
She said the GNCCI’s role in fostering networking opportunities will be pivotal in creating pathways for these entrepreneurs to connect with potential investors, suppliers, and customers globally.
“We must advocate for policies that reduce the regulatory burdens on small businesses, simplify the tax system, and provide incentives for women and youth to scale up their businesses,” she added.
Mrs Yankey-Ayeh said empowering women and youth entrepreneurs means creating a pipeline for leadership development.
She said mentorship programmes led by successful business leaders, including women and youth role models, could provide guidance, build confidence, and share best practices.
“This will be essential in nurturing the next generation of business leaders who can drive innovation and lead expansion efforts,” she said.
Mrs Yankey-Ayeh said the launch of the GNCCI-WAY marked a significant step toward realizing the full potential of women and youth entrepreneurs in Ghana.
“Let us all commit to supporting these businesses in their journey toward growth, diversification, and export expansion. By empowering these entrepreneurs, we are investing in the future of our economy and securing a more inclusive and prosperous future for all,” she added.
Mrs Yakey-Ayeh said women and youth represented a significant portion of the country’s population, and women and youth-owned businesses account for approximately 70 percent of the businesses in Ghana, particularly within the Small and Medium-sized Enterprises (SMEs) sector.
She said to ensure that women and youth-led businesses not only survive but thrive and expand, “we must prioritize actions and initiatives that address both the challenges they face and the opportunities they can harness.”
These businesses have been essential in driving economic growth at the grassroots level, but to truly make a significant impact, “we must move beyond their current focus on general trading and encourage a shift toward more diversified and export-oriented production.”
Mr Stephane Miezan, President of GNCCI, said “today, we embark on a transformative journey toward economic empowerment, one that places women and youth at the forefront of growth and opportunity.”
He said women and youth-owned businesses account for approximately 70 per cent of businesses in Ghana, particularly within the SME sector, and contribute around 70 percent of the country’s GDP.
He said this made them a vital segment of the economy, one that could not be overlooked.
The President said despite the sector’s significant contribution to the growth of the economy and employment creation, there were many challenges.
“The impact of these challenges as well as macroeconomic challenges on businesses is often high on women and youth-owned businesses,” he added.
He said it was imperative to pursue targeted initiatives in helping the women and youth owned business to grow.
Mr Miezan said it was for this reason that the Chamber, being the prime advocate of the private sector, had come up with this revolutionary initiative.
He said the Chamber was committed to focusing peculiarly on the challenges of women and youth entrepreneurs to ensure inclusive and sustainable growth and development.
GNA